The Tamil Nadu Police have transferred all six cases linked to an alleged FQL multi-level marketing-cum-cryptocurrency trading scam to the Economic Offences Wing, following a large number of complaints from alleged victims in Madurai and cases being registered across four southern districts.
According to the preliminary investigation, investors were allegedly asked to make payments in cash or through G-Pay and UPI. A portion of the funds was allegedly converted into Tether (USDT) and credited to FQL and VG wallets.
The police statement does not disclose the quantum of money allegedly cheated, referring only to the reported financial loss. The cases involve FQL Investment Trading, FQL Exchange App and VG Investment Group Syndicate. A portion of the funds was allegedly converted into Tether (USDT) and credited to FQL and VG wallets. Six cases have so far been registered – three in Madurai and one each in Dindigul, Virudhunagar and Sivagangai. Director General of Police Dr Mahesh Kumar Aggarwal ordered the transfer citing the large number of victims, the inter-district nature of the alleged fraud, cryptocurrency transactions involving USDT and Binance wallets, and suspected international linkages.
Police said the alleged scheme had been operating for the past seven months, with local agents allegedly luring people with promises of abnormally high daily returns and claiming that investments could be doubled within 40 – 45 days through cryptocurrency trading. Seventeen accused have been arrested and remanded in judicial custody, while 13 bank accounts linked to the accused have been frozen.
Investors were allegedly asked to make payments in cash or through G-Pay and UPI, according to the preliminary investigation.
