1 day ago
Tamil Nadu Crypto Scam Linked to Suicide and 21 Arrests
Police are investigating an alleged investment scam in Tamil Nadu.
The scheme used the names FQL Investment Trading, FQL Exchange App and VG Investment Group Syndicate.
People were reportedly promised very large returns from cryptocurrency trading.
They were told their money could double in about 40 to 45 days.
Many investors later said they could not withdraw their money.
A 25-year-old man named A Raja reportedly died by suicide after people he encouraged to invest pressured him for repayment.
Police have registered six cases and arrested 21 people.
The investigation has been transferred to the Economic Offences Wing because the case involves many victims, cryptocurrency transactions and possible international links.
A 25-year-old man, A Raja, died by suicide in Dindigul after investors allegedly pressured him over lost money.
Police say FQL-linked operations promised unusually high returns and doubled investments within 40 to 45 days.
Six cases have been registered across Madurai, Dindigul, Virudhunagar and Sivaganga districts.
Twenty-one people have been arrested, while police have frozen 13 bank accounts linked to the accused.
Reported losses have reached at least Rs 25 crore based on complaints received so far.
- Who
- A Raja, investors, alleged local agents and other accused linked to FQL Investment Trading, FQL Exchange App and VG Investment Group Syndicate.
- What
- An alleged multi-level-marketing and cryptocurrency investment scam is being investigated after investors reportedly lost access to their money and Raja died by suicide.
- Where
- The alleged operation and complaints involve Madurai, Dindigul, Virudhunagar and Sivaganga districts in Tamil Nadu.
- When
- Police said the operation had allegedly run for about seven months; the investigation was transferred to the Economic Offences Wing on Monday.
- Why
- The case was transferred because of the number of victims, reported financial losses, cryptocurrency transactions and suspected international linkages.
Police and Investigators
Investors and Families
Nature of the operation
Police and Investigators
Police allege that local agents attracted investors with unusually high-return promises and cryptocurrency trading claims.
Investors and Families
Investors say they were unable to withdraw their money after placing funds in the operation.
Recovery of funds
Police and Investigators
Authorities have registered six cases, arrested 21 people, frozen 13 accounts and transferred the investigation to the Economic Offences Wing.
Investors and Families
Complainants are seeking recovery of their investments and a comprehensive investigation into FQL and those allegedly behind it.
Responsibility for losses
Police and Investigators
Police describe the reported Rs 25 crore loss as an amount based only on complaints received so far, not a final figure.
Investors and Families
Families who lost money gathered at Raja's house, reportedly believing he might have retained the funds they invested through him.
Key facts
- Cases registered
- Six cases: three in Madurai and one each in Dindigul, Virudhunagar and Sivaganga.
- Arrests
- Twenty-one accused people have been arrested, including the alleged promoter.
- Reported losses
- At least Rs 25 crore, based on complaints received so far; police said this is not a final assessment.
- Promised returns
- Investors were allegedly promised unusually high daily returns and the doubling of investments within 40 to 45 days.
- Payment methods
- Investments were allegedly collected through cash, G-Pay and UPI.
- Cryptocurrency links
- Police cited USDT and Binance wallets, along with suspected international linkages.
- Frozen accounts
- Police have frozen 13 bank accounts linked to the accused.
Quotes
A senior police officer
A police officer commenting on Raja’s death
“The man, we understand, was under pressure from investors whom he persuaded to invest”
NDTV
“The promoter is a person who returned from the US. We have arrested him and 20 others”
NDTV
Sources
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