Tamil Nadu Man Dies by Suicide Amid Multi-Level Marketing Cryptocurrency Scam

A 25-year-old man, identified as A Raja, died by suicide in Tamil Nadu's Dindigul district after allegedly facing pressure from investors who had put money into an investment scheme through him. The police are investigating the case as part of a wider probe into an alleged multi-level marketing cum cryptocurrency fraud.

Raja reportedly encouraged several people to invest in the scheme, which comprised FQL Investment Trading, FQL Exchange App, and VG Investment Group Syndicate. Investors were promised unusually high gains on a daily basis, with their investment doubling within 40 to 45 days through cryptocurrency trading.

The scam allegedly involved investors from Madurai, Dindigul, Virudhunagar, and Sivaganga districts, who paid in cash, GPay, and UPI methods. A portion of the money was transferred into Tether (USDT) in the FQL/VG wallets.

The authorities have registered six cases linked to the alleged FQL operation and arrested 21 people, including the alleged promoter. The police have also frozen 13 bank accounts linked to the accused.