Probe into online investment app scam under way
Police in Sivaganga are investigating a multi-crore online investment scam where victims were promised doubled returns on apps like FQL and VJ. Hundreds of investors have filed complaints after the apps crashed and funds became inaccessible.
Why it matters
The rise of fraudulent investment apps highlights the growing need for digital financial literacy and stricter regulation of fintech platforms.
Sivaganga district police have received hundreds of complaints from investors who were cheated in a multi-crore online app scam.
The complainants said the scamsters had advertised that if investments were made on online apps such as FQL and VJ, the amount would get doubled in 45 days. Investments of up to ₹50,000 were collected on one app and ₹1 lakh from the other. The appointed agents downloaded the apps on the mobile phones of the investors.
Subsequently, the money invested in the apps was displayed in U.S. dollars. Further, clicking on text messages received by the app and doing ‘trading’ would increase the value of the dollars.
Initially, the scamsters disbursed money to a few individuals as return on investments. Hence, hundreds of people from areas near Sivaganga, including Paiyur, Ayyampatti, Allur, Udayanathapuram, Karampatti, and Purasadai Udaipu, reportedly invested money.
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