Business deals can go south for many different reasons, some of which don’t involve any form of foul play. It would be safe to say that most business deals happen within legal boundaries and with minimal to no shadiness. If it were any different, the business world as we know it would have imploded long ago.
Still, that doesn’t mean people should stroll into every business deal or agreement with complete trust and fully naïve. The very fact that people are so used to performing due diligence when entering into any type of arrangement that involves money might be one of the key reasons why more people don’t engage in unethical or downright fraudulent behavior.
As a person who’s been interested in online commerce since he was a child, Gurvin Singh Dyal (Mr. Gurvz) had plenty of opportunities to learn about the signs of troublesome business dealings. Still, even he wasn’t prepared for the storm he got caught up in as part of the INFINOX scandal. In an Instagram post he used to clarify his involvement, Gurvin mentions two red flags everyone should know to look for in business dealings.
People With Unclear Roles
A cardinal rule of business that’s sometimes hard to enforce online is that one should always have a clear understanding of who they’re dealing with. In any type of negotiation that involves a business entity, whether it’s between two businesses or a business and an individual like it was in Gurvin Singh’s case, the role of the person who represents the business needs to be very clear.
In hindsight, the fact that only one of the two people who approached Gurvin Singh was straightforward regarding their involvement with INFINOX was a red flag. The fact that Gurvin was recruited to what looks like a downline of the other person was another.
Working With Related Companies
The locations where companies have their headquarters matter a lot, as they can determine which legal jurisdiction the company falls under. This is important for protecting consumer rights, for example, but in Gurvin Singh’s case, it also meant the difference between working with a financial company that was regulated by UK laws, and one that wasn’t.
According to Gurvin’s explanation, he was under the impression that he was working with INFINOX, a UK-based and regulated company. His contract, however, was between himself and IXCG, a different entity he believed was part of the same company. While working with related companies is something that happens a lot in the world of business, their roles should always be fleshed out.
By the time the whole investment scheme went bad, Gurvin Singh (Mr. Gurvz) noticed several other red flags, including lack of communication and not being paid as agreed. Still, if there’s one thing to learn from this tale, it’s that even the smallest of red flags shouldn’t be ignored. By the time the big ones appear, it will be too late.
