Cash-handout influencer admits impeding scam probe

Gurvin Singh Dyal made headlines in 2019 when he handed out cash in Plymouth

A former student who made headlines after giving away money in the street in Plymouth has admitted obstructing a police investigation into an alleged £3.5m fraud.

Gurvin Singh Dyal admitted failing to hand over data in connection with the investigation.

Appearing at Exeter Crown Court he admitted a civil charge of contempt of court and was sentenced to eight months in prison suspended for two years.

Devon and Cornwall Police said the fraud investigation remained live but no charges had been brought. Dyal has consistently denied any involvement in fraud.

The court heard Dyal had been ordered to provide material to the police on 22 July 2020 but failed to "reasonably comply with that order".

He provided passwords and pin numbers for four digital devices seized by officers but not for an Apple laptop, which he said he was unable to remember the password for.

Felicity Payne, prosecuting for Devon and Cornwall Police, said there was "no good reason why Dyal was not able to remember that password".

She said he had "essentially frustrated and completely undermined the purpose of that order" and the police's ability to investigate the fraud and bring charges.

"Without that data the evidential threshold is not going to be met," she said.

'Genuine attempt'

Kieran Vaughan KC, for Dyal, said his client had been advised by his solicitor on the day of the production order not to provide passwords or pin numbers.

He said some time passed before he was required to do so and that Dyal had given the police full access to his emails and had been in contact with Apple to be able to access the laptop.

It was "obvious from the efforts Mr Dyal was taking that he was genuinely attempting to get access to the laptop", Mr Vaughan added.

Judge Stephen Climie said he was sure after four years of attending police stations and courts, that Dyal appreciated the "importance and significance of complying with orders made by the courts".

He ordered Dyal to pay £10,000 towards the prosecution costs and granted Dyal's request to pay it at a rate of £1,000 per month.

Dyal wrote on Instagram: "If someone told me seven years ago I’d be going to a different country every month by the time I’m 25, I wouldn't of believed them."

Dyal's court appearance came after years of making headlines and promoting himself on social media.

He started appearing on news websites in 2019 talking about how much money he was making from foreign exchange trading, known as Forex.

A local paper featured him giving away money outside Drake's Circus shopping centre in Plymouth.

Dyal, who said he was a bio-med student, claimed he was giving away about "£2,000 to give back to the community" – and to help grow his social media presence.

He said he was using that platform and posts about his wealth and his rose gold-wrapped Maserati to encourage people to invest in Forex.

Jonathan Reuben was one of Dyal's followers on social media and said he was convinced into investing with him.

"He portrayed himself as a really good trader, someone who makes, you know, thousands of pounds, he was always like in Dubai and on holiday and things like that," Mr Reuben said.

Jonathan Reuben invested £17,000 with Dyal but lost it all

The 28-year-old said he invested £17,000 and watched with initial excitement as the amount rose to about £30,000.

But just before Christmas 2019, the amount started to drop and by Boxing Day he was left with just £48.

"I was kind of preparing for it but it felt terrible to see all that money disappearing, especially on Christmas Eve," he said.

Many of the investors believed they were investing in Infinox, a UK-registered, Financial Conduct Authority (FCA)-authorised company.

In reality, the company they were investing with – also called Infinox - was based in the Bahamas.

Nearly 200 people including Mr Reuben reported Dyal to Action Fraud and the case was handed to Devon and Cornwall Police which estimated the total investment loss at about £3.5m.

Det Insp Dan Parkinson said: "Effectively they were influenced by him to invest in this and ultimately they’ve lost a huge amount of money."

He said the investigation into the alleged £3.5m fraud remained live but no charges have been brought.

Det Insp Dan Parkinson said Devon and Cornwall Police started investigating after 187 people reported Dyal to Action Fraud

Dyal denied acting fraudulently when he found himself the centre of a BBC Three documentary - Scam Land: Money, Mayhem and Maseratis - about what happened.

He said he was just a middle-man and did not realise there were two separate companies.

He said: "I need the clients to know I didn't benefit from this… I was a victim because I've lost money as well.

"My finances are lower than before I started Infinox. I've lost money in the process because of the marketing."

Addressing the people who lost money, including Mr Reuben, he said: "I'd really hate me if I was them as well."

Dyal has always denied acting fraudulently

As part of the same documentary, Infinox Bahamas said it was made clear to clients that all trading would be through them, under Bahamian regulation.

They said they had no knowledge of any misleading or false claims.

Infinox Capital Limited - the FCA-regulated, UK company - said the Infinox companies were never complicit in the misleading or dishonest promotion of a scheme to draw consumers into investing into high risk trading schemes outside the FCA's remit.

Dyal is still active on social media and has more than 730,000 followers on Instagram.

He is also on Tik Tok where, in October, he posted a video of himself giving away money in a supermarket.

'Fake lifestyle'

Det Insp Parkinson said: "That’s a sales technique to try and sell a lifestyle to people and quite often that lifestyle is fake - it's not real.

"We would say always be careful with your money, [get] an independent financial advisor and check that they’re registered with the financial conduct authority and that will provide you with the security over your investment that you really need.

"If it looks too good to be true it probably is."

Mr Reuben added: "You just need to be wary and only put in what you're willing to lose, so if you want to go and throw away £100 on a roulette wheel… that's the same level of risk you're taking when you give any money to anyone on Instagram."

If you have been affected by any of the issues raised in this story you can visit BBC Action Line.