FQL Crypto Scam Returns to Court as Petitioner Seeks CBI Investigation

The FQL cryptocurrency investment scam in India has reached a new legal stage after the Madras High Court sought a response from the Tamil Nadu government on a petition requesting a Central Bureau of Investigation (CBI) probe.

The Madurai Bench heard the public interest litigation on October 8, 2026. The case remains under investigation by the state's Economic Offences Wing (EOW).

Petitioner Seeks CBI Investigation into FQL Scam

A division bench comprising Justices P. Velmurugan and K.K. Ramakrishnan heard the petition filed by M. Santhakumar of Madurai.

Santhakumar alleged that schemes operating as FQL Investment Trading, FQL Exchange App and VG Investment Group Syndicate attracted investors with promises of unusually high daily returns and claims that deposits could double within 40 to 45 days.

According to the petition, investments were collected through cash and India's Unified Payments Interface (UPI), with some funds converted into USDT cryptocurrency.

Santhakumar said he and his wife invested Rs108,000 before the application reportedly stopped functioning on August 25. He argued that the alleged cryptocurrency network warranted investigation by a central agency.

Thousands of Complaints and Earlier Arrests

The petitioner cited approximately 34,000 complaints filed in and around Madurai following the platform's collapse.

However, the number of reported complaints subsequently increased. As BrokersView previously reported, nearly 40,000 complaints had been recorded by early September, with 21 arrests reported.

The earlier investigation covered multiple districts, including Madurai, Dindigul, Virudhunagar and Sivaganga.

Authorities had also taken action involving bank accounts, suspected cryptocurrency wallets and assets allegedly connected to the scheme.

Court Requests Response as EOW Investigation Continues

The High Court sought a response concerning the request for a CBI investigation. The proceedings do not establish that the case has been transferred to the central agency.

The FQL case remains under EOW investigation as legal proceedings continue.

Investor Warning

Investment platforms promising unusually high or guaranteed daily returns, particularly claims that funds can double within weeks, should be treated with caution. Investors should independently verify platform operators, regulatory status and withdrawal conditions before transferring money.

For more reports on investment scams, fake brokers and regulatory warnings, visit our Complaints section.

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