A Raja was reportedly facing pressure from people he had advised to invest money in the scheme. The alleged FQL multi-level marketing-cum-cryptocurrency trading scam in Tamil Nadu has taken a tragic turn with the death of a 25-year-old.
On Monday, Tamil Nadu Director General of Police Dr Mahesh Kumar Aggarwal transferred all six cases related to the alleged FQL scam to the Economic Offences Wing (EOW), citing the large number of victims, the extent of the network, reported financial loss, cryptocurrency transactions and suspected international linkages. The cases involve FQL Investment Trading, FQL Exchange App and VG Investment Group Syndicate. Police say investments were collected through cash, G-Pay and UPI, with part of the funds allegedly converted into Tether (USDT) and credited to FQL/VG wallets. Investors subsequently reportedly found themselves unable to withdraw their money. The application was later shut down, leaving investors unable to access their purported balances.
Police said under the alleged scheme, local agents allegedly lured people with promises of abnormally high daily returns and claimed that investments could be doubled within 40 – 45 days through cryptocurrency trading.
“The man, we understand, was under pressure from investors whom he persuaded to invest,” a senior police officer said on Raja’s death. The alleged operation, functioning under the names FQL Investment Trading, FQL Exchange App and VG Investment Group Syndicate, is said by police to have been operating for the past seven months across Madurai, Dindigul, Virudhunagar and Sivagangai. Withdrawals failed, balances became inaccessible and additional payments were demanded, according to police.
At the Madurai District Collectorate, special officials have been receiving complaints and recording details of victims and their investments. The complainants have sought recovery of their money and a comprehensive investigation into FQL and those allegedly behind the operation.
