Tamil Nadu Crypto Scam: ₹25 Crore Lost as Agents Promised Double Returns in 40 Days
A suspected cryptocurrency investment scam in Tamil Nadu has led to at least ₹25 crore in losses for investors. The scheme, which involved FQL Investment Trading, FQL Exchange App and VG Investment Group Syndicate, promised unusually high daily returns of up to double within 40-45 days.
The operation was active across four districts - Madurai, Dindigul, Virudhunagar, and Sivagangai - for around seven months. Agents promoted the scheme as a cryptocurrency trading opportunity and persuaded investors to make payments through cash, G-Pay, or UPI.
Police have transferred the investigation to the Economic Offences Wing due to the complexity of the alleged money trail and suspected international links. The EOW will examine transactions involving USDT, wallets associated with Binance, and possible overseas connections.