India FQL Investment Scam: 21 Arrested as Complaints Near 40,000, Tamil Nadu Cases Moved to EOW

The FQL investment scam in Tamil Nadu, India, has triggered a major police investigation after investors reported difficulties withdrawing funds from an application allegedly linked to cryptocurrency trading. Police said investors were allegedly attracted by claims of unusually high returns and promises that investments could double within 40 to 45 days.

FQL Investment Scam Cases Transferred to EOW

Tamil Nadu Director General of Police Mahesh Kumar Aggarwal ordered all six related cases to be transferred to the Economic Offences Wing for a detailed inquiry.

The cases were registered in Madurai, Dindigul, Virudhunagar and Sivaganga districts and involve FQL Investment Trading Company, the FQL trading app and VG Investment Group.

According to police, investors allegedly made payments through cash, Google Pay and UPI. Some funds were reportedly converted into USDT and transferred to wallets associated with FQL and VG.

Complaints in FQL Crypto Scam Reach 40,000

The investigation expanded after large numbers of investors reported losses and difficulties accessing their funds. Investors allegedly found that withdrawals failed, account balances became inaccessible and additional fees were requested.

Police reportedly received about 7,000 complaints in one day at a special camp established in Melur. The total number of complaints connected to the suspected FQL crypto scam in Madurai district has since reached around 40,000.

Revenue officials also established a special camp at the Madurai district collectorate, where 193 petitions related to the suspected scam were received.

21 Arrested as Investigation Continues

Police said 21 people have been arrested in connection with the suspected multi-district investment fraud. Several bank accounts linked to the suspects have been frozen, while authorities have begun steps to freeze cryptocurrency wallets allegedly used by the accused.

Police have also issued lookout circulars against key suspects and taken steps to restrict transactions involving immovable properties linked to the accused.

The investigation also follows the reported death by suicide of a farmer from Kasampatti near Natham. Police said he had allegedly invested Rs15 lakh after believing claims that the investment would double.

His relatives later blocked the Natham-Madurai National Highway and demanded action against those allegedly responsible. Police registered a case, while further investigation into the suspected FQL investment fraud remains underway.

Investor Warning

Before depositing funds with any online investment platform, investors should verify its regulatory status, company information and withdrawal conditions. For more reports on investment scams, fake brokers and regulatory warnings, visit our [Complaints] section.