Two Singaporean financial educators, Gurvin Singh Dyal and Melvin Singh, were declared bankrupt by the Singapore High Court in early May 2024. The bankruptcy orders followed legal action initiated by a creditor, while more than 50 investors have reported being unable to access funds totaling approximately S$5 million from investment programs associated with the pair.
According to court documents, the bankruptcy applications were filed by the marketing firm Fincore over an unpaid debt of about S$160,000. Fincore’s legal action was supported by litigation funding firm Lcart.
The two men are co-founders of the firm GSV, which offered courses and seminars on wealth creation and financial management. They became known for a public image that included the use of luxury cars, such as Lamborghinis, in their promotional materials.
In addition to the creditor action, a group of more than 50 investors has raised concerns about money placed in various investment schemes linked to GSV. These investors claim they have been unable to withdraw their funds, which collectively amount to an estimated S$5 million. Several investors have since filed police reports regarding their investments.
The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, placed GSV on its Investor Alert List on April 19, 2024. The list includes entities that may have been wrongly perceived as being licensed or regulated by MAS.
Records from the Accounting and Corporate Regulatory Authority (ACRA) show that Gurvin Singh Dyal and Melvin Singh are directors of several companies, some of which have been struck off.
In a statement reported by The Straits Times, the lawyer representing Dyal and Singh confirmed the bankruptcy orders and stated his clients were unaware of the specific hearing date. The lawyer also noted that they intend to settle matters with their investors. Investigations by relevant authorities are ongoing.
