Tamil Nadu Crypto Scam: FQL Suspects Detained in Multi-Crore Investment Case
A multi-crore crypto currency investment scam has come to light in India's Tamil Nadu state. The Economic Offences Wing (EOW) police detained two suspects, K Ranjith and his wife Priyadharshini, who allegedly operated under the names FQL Investment Trading”, “FQL Exchange App” and “VG Investment Group Syndicate.”
The duo lured people into investing in cash and UPI transactions, which were then converted into Tether (USDT) and credited to FQL/VG wallets. However, withdrawals failed, leaving investors with inaccessible balances.
Police registered six cases based on complaints from victims across the four districts of Madurai, Virudhunagar, Dindigul, and Sivaganga. The suspects are likely to be formally arrested on Tuesday after being taken in for questioning.