Tamil Nadu EOW Takes Over FQL Crypto Scam Investigation

The Tamil Nadu Economic Offences Wing (EOW) has taken over the investigation into an alleged cryptocurrency trading racket that collected ₹150 crore from about 15,000 residents in Dindigul district alone. The operation, run under various banners including FQL Investment Trading and VG Investment Group Syndicate, induced members of the public to invest by promising high daily rewards and doubling their capital in 40-45 days.

According to a press note from the Director General of Police's office, money was collected in cash and through Google Pay (G-Pay) and Unified Payments Interface (UPI) transfers. Part of the proceeds were converted into Tether (USDT), which was credited to in-app wallets that investors could not withdraw or see once the application was switched off.

The EOW will trace USDT flows, likely exposing cross-border crypto networks and prompting stricter regulatory oversight. Recovered funds may be redistributed, setting a precedent for victim compensation in large-scale MLM-crypto frauds.