"I was a victim because I've lost money as well."
An influencer who made headlines for giving away money in the street in Plymouth has admitted obstructing a police investigation into an alleged £3.5 million fraud.
Gurvin Singh Dyal admitted failing to hand over data in connection with the investigation.
At Exeter Crown Court, Dyal admitted a civil charge of contempt of court and was sentenced to eight months in prison, suspended for two years.
The fraud investigation remains live but no charges have been brought. Dyal has consistently denied any involvement in fraud.
On July 22, 2020, Dyal had been ordered to provide material to the police but failed to “reasonably comply with that order”.
He provided passwords and pin codes for four devices but not for an Apple laptop, which the influencer claimed he could not remember the password for.
Prosecutor Felicity Payne 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.
Ms Payne added: “Without that data, the evidential threshold is not going to be met.”
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.
Some time passed before Dyal was required to do so.
Mr Vaughan said Dyal had given the police full access to his emails and had been in contact with Apple to be able to access the laptop.
Mr Vaughan added that it was “obvious from the efforts Mr Dyal was taking that he was genuinely attempting to get access to the laptop”.
Judge Stephen Climie 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.
Gurvin Singh Dyal began appearing on news websites in 2019 talking about how much money he was making from foreign exchange trading (Forex).
He hit headlines when he gave away cash outside Drake’s Circus shopping centre in Plymouth.
Dyal claimed he was giving away about “£2,000 to give back to the community” and to help grow his social media presence.
The influencer said the stunt and his posts about his wealth were to encourage people to invest in Forex.
Jonathan Reuben was one of Dyal’s social media followers and said he was convinced into investing.
He said: “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 invested £17,000 and it rose to about £30,000. But just before Christmas 2019, the amount decreased and by Boxing Day, it was just £48.
Many of the investors believed they were investing in the UK-registered Infinox.
However, they were investing in a Bahamas-based company also called Infinox.
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 £3.5 million.
Detective Inspector Dan Parkinson said: “Effectively they were influenced by him to invest in this and ultimately they’ve lost a huge amount of money.”
When he found himself at the centre of the BBC Three documentary Scam Land: Money, Mayhem and Maseratis, Dyal denied acting fraudulently, saying 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 investors who lost money, Dyal added:
“I’d really hate me if I was them as well.”
As part of the 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.
The UK’s Infinox Capital Limited 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.
Gurvin Singh Dyal is still active on social media where he posts glimpses of his wealthy lifestyle.
DI Parkinson warned: “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.”
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