Infinox Capital is a FCA-regulated forex broker which used its regulatory status to dupe investors out of £4,000,000.
Although Infinox Capital is a legitimate forex broker, their business tactics don’t align with their regulatory status.
The people behind Infinox had partnered with an Instagram trader and together they scammed around 1,250 people.
Investors lost up to £88,000 when a supposedly successful investment scheme on a “regulated” trading platform collapsed.
Most of the victims blamed the self-made forex trader Gurvin Singh.
Singh had promoted the scheme to his 170,000 followers, calling it a ‘copy-trading’ service where they could do the trades he had performed.
However, investors accused him of covering up losses and making them believe the scheme was under the protection of FCA. In reality, he sent all of their funds to a Bahamas-based broker.
Subsequently, the Financial Conduct Authority issued an alert against Gurvin Singh and several of his associates who worked for his ‘GS3’ brand.
Still, many victims point out that the FCA stopped investigating Singh and Infinox Capital after a while. Moreover, they can’t afford to pursue a legal fight against the two in court.
Jonathan, an investor who lost £17,000 in this scheme, told the media that only a police investigation was going on but he hasn’t received any updates on it for months.
A big reason why people fell prey to the scam was when they looked up Infinox Capital, they found that it’s an FCA-regulated broker. However, they didn’t know that Gurvin and Infinox will send their money to an offshore broker, which doesn’t fall under FCA’s regulation.
How Jay K Mawji (Infinox Capital Owner) Responded:
When the news broke out about the scam, Jay K Mawji, the Director of Infinox Capital said they had no association with the Bahamian firm.
He is the owner of the Infinox brand and claimed his company didn’t have any association with Singh.
In fact, he insisted that Inifnox Bahamas was a different company and it had nothing to do with them.
He had to issue these statements as investors began complaining to Infinox Capital UK about the multi-million scam. However, the company shrugged off each complaint by saying it was a separate legal company.
Even Anthony Stubbs, a businessman claiming to be the CEO of Infinox Bahamas refused to take any responsibility and said Singh was responsible for the losses of all investors.
However, investors disagree with Jay Mawji’s claims.
They point out that they had received emails from Infinox Capital UK. Also, the contracts said that signing them would make them engage with the services of both companies. Clearly, the two companies were Infinox Bahamas and Infinox UK.
What is a Red Flag?
A red flag serves as a signal or sign that there may be an underlying issue or danger associated with a company’s stock, financial statements, or news reports. These indicators can come in many forms and are often identified by analysts or investors as any notable undesirable trait.
Did Jay Mawji Lie?
Metro UK investigated the matter and found some interesting evidence suggesting Jaw Mawji might be lying to save his skin.
They found 2 Infinox Capital UK employees who were admins of multiple WhatsApp groups for the hundreds of GS3 clients.
Although the pair is no longer working at the company, they posted many messages in teh group indicating they were in charge of the funds. For example, one of them signed a message with “best regards, Trading Team”.
Also, they had instructed the investors to observe their investment through a specific app. There, they saw steady profits entering their accounts.
Furthermore, the clients had the legal right to see the performance of open trades. It would have allowed them to see the building up, losing positions which only closed when it reached £3.9 million.
At that point, every investor’s investment had vanished.
Journalists found that the app had hidden these important terms in small print at the end of the contracts. Furthermore, Infinox’s website didn’t mention it at all.
When Gurvin Singh told the group members that they weren’t allowed to see such data and quietly removed those who questioned it, the Infinox Capital employees didn’t do anything.
The Infinox staff didn’t do anything when a few investors began discussing ‘negative trades’ four months into the scheme. Singh told them that their funds were safe and the trades would go positive once “Brexit was over”.
“They Use Their Offshore Brands to Run Schemes Illegal in the UK”
A trader who used to work with Infinox Capital in a role similar to Gurvin Singh told Metro that Infinox uses the Bahamas firm as a front. It allows them to profit from the highly-risky schemes FCA has banned in the UK.
Also, the trader pointed out Infinox Capital UK employees pushed the clients he had introduced them to a separate Bahamas server.
This way, he claimed they were able to profit from the loose regulations of the tax haven.
It’s worth noting that Bahamian regulators allow traders to use 16 times more leverage than allowed by the FCA in th UK.
This increases the potential profits of the forex broker substantially as it increases the transaction size.
Also, the trader said Infinox Capital Uk had told him the scheme was under FCA’s regulation. However, he soon found out that FCA’s legal limit meant they couldn’t earn enough to pay affiliates like him from accounts under FCA’s jurisdiction.
That’s because Infinox Capital would have had to close all trades of the accounts under FCA’s regulation when their losses hit 50%.
Metro reveals the trader had shown them agreements with Infinox Capital UK and the company executives used ‘@infinox.bs’ and ‘@infinox.com’ email addresses.
More Evidence Suggesting Infinox Capital UK was Involved in the Multi-million Scam:
Apart from their discussions with the trader, Metro also found an audio recording.
It consisted of an Infinox Bahamas employee telling them that their sales, finance, customer services and compliance departments were all based in the Infinox UK’s headquarters.
Also, Instagram and YouTube footage shows them and the employees who worked with Sing working in the offices.
The financial documentation of Infinox Capital shows they made £9 million in 2019-20 and £1 million out of them came from the “Caribbean market”.
Jay Mawji didn’t give any explanation for it. He said the information is not available in the public domain.
Also, the forex broker’s latest public records have stopped sharing such geographic spread of its revenue. Now, they claim they make money from clients across the world.
Robert Berkeley (Infinox Capital UK CEO) is the Director of Infinox Bahamas
After receiving countless complaints from the victims, Jay Mawji’s firm admitted that the CEO of their UK division is the director of Infinox Bahamas.
His name is Robert Berkeley.
According to Australian’ regulatory documents, Robert Berkeley the director of a Sydney-based company as well. This company falls under the ownership of Infinox Bahamas and is used to keeping client funds in “segregated accounts”.
Also, Robert owns a company in St Vincent and Grenadines which holds the underlying assets of Infinox Capital Bahamas.
When journalists contacted Infinox Bahamas, the company denied any participation in the scheme. It claimed they settled the losses in the financial markets.
Also, when journalists asked Infinox Capital Bahamas about how it passes its profits to others, they declined.
Furthermore, they didn’t deny earning around £4,000,000 from the fraudulent scheme’s collapse.
It’s worth mentioning that their website in 2022 claims to offer up to 1:1000 leverage, which is illegal in the UK.
The Shady Outsourcing Arrangement Between Infinox Capital and Infinox Bahamas:
Considering how Robert Berkeley and Jay Mawji own so many offshore entities, it raises a question: “Are they shell companies?”
However, Jay and Infinox Capital UK denied this notion. They said the St Vincent and Grenadines entity is a dormant company which has never held any assets.
Furthermore, it said they have had a historical ‘outsourcing arrangement’ with Infinox Bahamas.
But Jay insists that the UK authorities are aware of this arrangement. They didn’t deny that their employees were involved in the scam.
Also, the company claims the sign up process makes it clear which entity the clients are dealing with. They mention the different suffixes on their website and references.
Furthermore, they claimed that the findings of a Financial Ombudsman supports their delineation claim.
The finding rejected a complaint from a copy-trader saying they cannot be considered a client of Infinox Capital UK.
However, journalists understood that the ombudsman didn’t consider the email referring to “services offered by Infinox Capital Ltd”, which doesn’t include a risk notice.
Furthermore, the email didn’t mention any of the interactions between the GS3 clients and Infinox employees. This victim had invested in a different fund.
What Infinox Capital didn’t tell the journalists themselves was that the ombudsman had said the firm “likely had some involvement”.
Furthermore, the ombudsman had expressed concerns about their operations. However, they couldn’t do anything because of FCA’s definition of a client.
More About Infinox Capital:
Infinox Capital started operating in 2009 and claims to focus on providing its clients with advanced trading technology.
They operate globally and have licenses from teh Financial Conduct Authority, Financial Sector Conduct Authority and the Securities Commission of the Bahamas.
The broker offers the popular MT4 and MT5 trading platforms to its clients. These platforms are extremely popular because of their helpful interface and multitude of features.
However, the minimum deposit requirement is substantially higher than the industry standard.
Infinox Capital minimum deposit is $100 while most reputed brokers keep their minimum deposit requirement around $10.
Furthermore, the company offers 50+ currency pairs along with CFDs.
While FCA prohibits its brokers from offering leverage higher than 1:30, Infinox Capital offers leverage up to 1:1000 thanks to its offshore accounts.
You should be cautious, however, because their offshore accounts played a huge role in the multi-million scam I mentioned above.
Available payment methods include Neteller, bank transfer, credit cards, Skrill and others.
On paper, Infinox Capital seems like an attractive forex broker but its reviews don’t inspire confidence.
Infinox Capital Reviews You Must Read:
While this broker has received several 5-star reviews online, it’s difficult to trust them as the broker has a robust affiliate network.
Paid affiliates tend to post a lot of positive reviews on their partner firm as it helps them increase their revenue as well.
However, what’s alarming is the large number of complaints this broker has received.
I’m sharing some of them below:
Conclusion
While the promises and trading conditions of Infinox Capital might make it seem like an attractive forex broker, its history suggests it’s a fraudulent firm.
The broker has received countless complaints calling it a scam or fraud.
Similarly, the company profited £4 million when the investors of one of their affiliates lost all of their investment instantly. The company didn’t face any legal consequences as it shifted all the blame on its own offshore branch.
Such shady operations and ethics indicate you should avoid trading with this broker at all costs.
There are plenty of scammers in the forex industry. For example, OmegaPro is an MLM scam posing as a forex trading platform. Similarly, you have Eurotrader which has received numerous complaints for stealing from its clients.
Due to these reasons, I don’t recommend trading with Infinox Capital.
Avoid them at all costs. By the way, Gurvin is a good-looking boy but his schemes are not the same.
Never even think of investing with Infinox Capital for earning money, I have seen most teens take it as a source of passive income. But the scene is not the same as what is being advertised by the company.
It has become so easy to scam their users through fake schemes and throw positive reviews on the site for attracting investors. This is also part of the scam to attract investors through fake reviews.
Make a distance from all these fake FCA-regulated firms, taking the advantage of their registration for scamming their users.
Many of my friends invested in Infinox capital for earning thousands of dollars, but they never knew that this forex broker is going to break all their dreams with the hammer of the fraudulent scheme.
The company is making refunds to the investors who have lost their money, it is the responsibility of the company to make the policies for the refund to their investors.
Avoid Infinox Capital for any of the investment schemes, they are making thousands of dollars after making fake schemes and winning the trust of their users on false ground. My appeal to the users especially those dreaming of making millions, please go through the reviews of the company on other platforms before investing.
The investors get decentralized after reading the tag of FCA regulated company but forget to investigate his previous scams.
The chances of Gurvin returning with the same schemes but the name of the company would vary, he had made several of their users suffer for their invested money in the name of getting profit.
This platform has scammed several users and made millions out of their invested money.
Avoid dealing with Infinox Capital as they are a complete fraud because this platform is full of complaints and scams many of its users. This a big red flag to Gurvin Singh, there are possibilities that he will come back with the company’s name changed.
The reason why people suffered losses from this so-called FCA-regulated company was that it drew the attention of their investors towards the ROI and never shared the truth of sending their money offshore to some dealer who isn’t an FCA-regulated platform, that’s why the investors went through losses. I wouldn’t recommend trading with Infinox Capital.
Now get ready for your refunds from Infinox Capital as FCA has ordered them to return all the scammed money, this was the line I was waiting for since I got scammed and registered a complaint to the FCA.
My friend invested in these so-called regulated forex brokers, but in the end, they showed what their minds are capable of, not only Infinox Capital but there are thousands of sites running these notorious schemes and scamming people even after being regulated by the FCA.
The FCA needs to re-transform its policies and investigate a little more before giving them the license for operating. I don’t know why these officials don’t understand the fact that sometimes you need to go deeper for better results, you know guys what I am talking about?
It is very sad to hear about these scams regularly, this company Infinox Capital was regulated by the FCA but then also the users suffered because of this nefarious site and lost thousands of dollars. Now it is getting difficult to differentiate between scammers and legitimate sites for investments.
Infinox Capital is the worst broker in the UK. Lost more than EUR2,000 there for no reason. They have some of the worst customer support.
It is the same as asking your girlfriend to be the same after the marriage which isn’t possible, so never blindly trust the platforms which are regulated but the shady mindset of the owner isn’t regulated, so avoid investing with companies that have just taken birth in the market offering high returns with low risk, as it is complete bomber.
Don’t engage with this company, and if you did there is still hope. they took all my money and left me hanging by a thin thread. They call using different phone numbers too, that is a red flag. i joined a legal class action suit against these cohorts with assistance of assetscoy001 outlook com i provided all evidence i had against infinox and my case was brilliantly and successfully handled i did not regret it.
As an investor I will suggest not putting your money into this company because they don’t follow what they promised their clients. When I tried to ask them about the fees they were charging me, they blocked my user Id. Don’t fall for their pathetic offers. Infinox isn’t with it.
These scammers will always find a way to do their shit even if they are regulated by the FCA no matter what it may cost them after. The people who got filth in their minds will only try to litter shit everywhere
My relationship came to an end because of this fraudster and it made me suffer a loss of $4000 from my BF where I recommended him the platform for investing but we ended up losing our money and relationship as well.
It’s a scam. You should be away from this company if you don’t want to waste your time and money.
After losing my money I will advise everyone not to invest in Infinox Capital as they will never follow what they promise as new users. I am still waiting for my funds to be withdrawn but the company isn’t responding to my messages.
I suspected that infinox was making a profit when I was losing because when I asked the company to give my refunds the company didn’t respond further. When months passed I found that the company kept making me lose. Now my trading account has nothing left.
This forex broker is total scam.
Infinox Capital hides behind its tricky terms and conditions so when you lose your money, they have no responsiblity.
I have already lost 2000 EUR with these scammers. Nobody should fall for this scam.
When we invest our money under any broker, whether it is infinox capital or someone else, we should first investigate whether the company will return our funds without any delays. And also check if the company has been regulated by the FCA or just scamming people in the name of the business. You didn’t do your research properly and are now paying for your own carelessness.
Infinox Capital is a reputed company that attracted me at first.
After going through the terms and conditions it looked like a great opportunity to invest but after a few months, I found that the terms and conditions were a little bit modified.
My mom was undergoing a necessary surgery and we needed money so we asked Infinox Capital to let us withdraw our money but they didn’t respond. This was a shock for us at such a crucial time.
Infinox capital’s minimum deposit is $100 which is 10 times higher than most reputed companies.
I am well aware of it.
But the fact that they let you trade in 50+ currencies seemed lucrative to me so I invested but when it came to getting my money back, the company took months.
I didn’t expect to wait this long to get my profit returns.
I had no idea that infinox capital was not following the regulations of the UK, instead was being operated in the Bahamas which doesn’t come under the jurisdiction of the UK. The whole operation should be shut down.
I mean here you have a broker which claims to have a license with the FCA.
I doubted it because I found that some of Infinox Capital offers are not regulated by the FCA. And also the invested money has been transacted to Infinox Capital Bahamas which does not follow the rules and regulations of the FCA. But they do have a branch with FCA’s license. I just think it’s unethical how they are doing business this way. They are deceiving investors no doubt.
It’s up to you people, for following this brat who is making his users get scammed and making thousands of dollars from his clients. And backfiring on the articles where his real business of scamming is exposed.
My brother was impressed by the offers of Infinox Capital\ where they offered to trade in more than 10 currencies which is rare to find on other platforms and most important thing was that they were a regulated platform to invest in, but now it looks like a red flag for Gurvin Singh and his team.
I am one of those investors who got scammed by Infinox capital.
After losing my GBP 10000 I will ask everyone that this is a fraudulent company.
They operate just for the sake of taking money from the people and are not in a mood to return their profits. I am still waiting for my money but I’m losing hope every day.
When my brother sent me the link to the company and convinced me to start investing through this company as it was a registered and legitimate company, where I invested $5000 and left it for a couple of weeks with the company, which ended up giving me nearly a heart attack because I lost it all, now my brother doesn’t recommend me even those legit forex brokers like octafx.
When I was trading with them. The problems I suffered were that the company asks for your bank account details for verification which takes a long process to let you withdraw your money.
And also their app was slow, which caused some major issues while trading.
The company is making everyone a fool after all it is being regulated by the FCA which made many of its users trust them blindly which ended up making their money somewhere on the site. The person behind this scam Gurvin Singh had been issued an alert from the court but after that also he didn’t get a lesson and made people suffer.