FQL Scam Sees 40,000 Complaints as Police Transfer Cases to EOW

The FQL cryptocurrency scam has seen an increase in complaints to 40,000 as investors continue to lodge grievances in a special camp set up at the district collectorate in Madurai. The alleged scam is believed to be worth Rs 400 crore and involves fraudulent schemes operated by agents under various names, including FQL Investment Trading, FQL Exchange App, and VG Investment Group Syndicate.

Preliminary investigation revealed that agents induced people to invest via cash and G-Pay/UPI transactions. A portion of the funds was allegedly converted into Tether (USDT) and credited to FQL/VG wallets. However, withdrawals failed, and investors' balances became inaccessible, with suspects asking them to make additional payments.

The six cases related to the scam have been transferred to the Economic Offences Wing (EOW) due to the alleged roles of suspects, extent of the network, inter-district nature of the fraud, and financial losses. The involvement of cryptocurrency transactions, including USDT and Binance wallets, as well as suspected international linkages, was cited as reasons for transferring the cases.