1 day ago
Tamil Nadu Police Transfer Six Crypto Fraud Cases To EOW
Tamil Nadu Police are moving six alleged fraud cases to a special financial-crime unit called the Economic Offences Wing.
The cases involve groups accused of using cryptocurrency trading and multi-level marketing promises.
Local agents allegedly told people they could earn very high daily rewards.
They also allegedly said investments could double in 40 to 45 days.
People reportedly paid through cash, G-Pay, or UPI.
Some money was allegedly changed into Tether cryptocurrency and placed in FQL or VG wallets.
Later, investors could not withdraw their money and were allegedly asked to make more payments.
The application was eventually shut down, leaving investors unable to access their balances.
Police have arrested 17 people and frozen 13 linked bank accounts.
Tamil Nadu Police transferred six alleged cryptocurrency and multi-level marketing fraud cases to the Economic Offences Wing.
The cases involve FQL Investment Trading, FQL Exchange App, and VG Investment Group Syndicate.
Seventeen accused people have been arrested and remanded to judicial custody, officials said.
Police froze 13 bank accounts allegedly linked to the accused.
Victims were allegedly promised unusually high returns and that investments could double within 40 to 45 days, but withdrawals later failed.
- Who
- Tamil Nadu Police, the Economic Offences Wing, 17 arrested suspects, and alleged victims recruited by local agents.
- What
- Six cases involving an alleged multi-level marketing and cryptocurrency trading scam were transferred to the Economic Offences Wing.
- Where
- The cases were registered in Madurai, Dindigul, Virudhunagar, and Sivaganga districts in Tamil Nadu.
- When
- The transfer was reported on August 31, after the alleged scheme had operated for about seven months.
- Why
- Police cited the large number of victims, reported financial losses, the inter-district network, suspected international links, and cryptocurrency transactions involving USDT and Binance wallets.
Key facts
- Cases transferred
- Six cases
- Case distribution
- Three in Madurai and one each in Dindigul, Virudhunagar, and Sivaganga
- Accused arrested
- 17, remanded to judicial custody
- Bank accounts frozen
- 13 accounts allegedly linked to the accused
- Named operations
- FQL Investment Trading, FQL Exchange App, and VG Investment Group Syndicate
- Promised returns
- Investments allegedly doubled within 40 to 45 days
- Payment and cryptocurrency methods
- Cash, G-Pay, UPI, Tether (USDT), FQL/VG wallets, and Binance wallets were referenced in the investigation
- Investigating agency
- Economic Offences Wing
Sources
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