Tamil Nadu Police Transfers 6 Crypto Fraud Cases To Economic Offences Wing
Tamil Nadu police have transferred six cryptocurrency-related fraud cases to the Economic Offences Wing following widespread complaints of investment scams. Investors were lured with promises of high returns before the platforms shut down and blocked withdrawals.
Why it matters
The rise of crypto-based investment scams poses a growing challenge for law enforcement and highlights the need for better financial literacy and regulation.
The Tamil Nadu Police have transferred all six cases linked to an alleged FQL multi-level marketing-cum-cryptocurrency trading scam to the Economic Offences Wing, following a large number of complaints from alleged victims in Madurai and cases being registered across four southern districts.The cases involve FQL Investment Trading, FQL Exchange App and VG Investment Group Syndicate. Police said the alleged scheme had been operating for the past seven months, with local agents allegedly luring people with promises of abnormally high daily returns and claiming that investments could be doubled within 40 - 45 days through cryptocurrency trading.According to the preliminary investigation, investors were allegedly asked to make payments in cash or through G-Pay and UPI.
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