India's ₹150 Crore FQL Crypto Scam Exposes Dark Side of Referral-Based Growth
India's latest crypto scam, FQL, has left thousands of investors in the lurch, affecting them to the tune of ₹150 crore. The alleged Ponzi scheme promised unusually high returns and was executed through mobile apps and links.
The scammers targeted daily wage workers, housewives, and auto drivers, who invested their savings trusting the agents and middlemen who introduced the scheme. However, when the platform became inaccessible, investors demanded their money back, leading to protests in Madurai and Dindigul.
Police have arrested multiple suspects and are investigating the scam, tracing bank transactions, payment records, and crypto wallets linked to the scammers. The incident highlights the importance of verifying platforms before investing, as promised returns and referral-based growth can be warning signs of a scam.