Hundreds of investors cheated of their investment stage protests across Dindigul and Madurai districts
Hundreds of investors in Dindigul and Madurai have staged protests after losing money in a suspected multi-crore investment scam involving a mobile application. The app promised high returns on investments, but users were eventually unable to withdraw their funds.
Why it matters
The rise of app-based financial scams poses a significant threat to retail investors and highlights the need for better digital financial literacy and regulation.
Hundreds of people who were cheated of their investment amount staged protests across Dindigul and Madurai districts on Friday urging the authorities to take necessary action against those involved in the multi-crore investment scam.
Hundreds of investors staged protests in Natham and its neighbouring areas in Dindigul district, and in Alanganallur and Melur in Madurai district. It is said the people had invested the amount through a mobile application which was allegedly run by Ranjith of Melur in Madurai district.
In Natham and its surrounding areas, hundreds of investors staged protests in front of the residences of agents who had collected the money. The agents had promised the people high returns on investment.
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