Madurai Cryptocurrency Scam Exposed: MLM Operation Busted

India's Madurai and surrounding districts have been plagued by an alleged cryptocurrency trading scam. The scheme, operating under several names including FQL Investment Trading and VG Investment Group Syndicate, lured victims with promises of high returns.

The Multi-Level Marketing (MLM) operation used cash and digital payment services like G-Pay and UPI to collect funds from unsuspecting investors.

According to the police investigation, part of the collected funds was converted into Tether (USDT) and transferred to FQL/VG wallets. However, victims were unable to withdraw their money after the application was shut down.