Economic Offences Wing (EOW) police have frozen 13 bank accounts in connection with a crypto-currency investment scam that allegedly cheated more than 40,000 people in southern Tamil Nadu districts.
According to investigators, the fraud was carried out through mobile applications promoted under names such as “FQL Investment Trading”, “FQL Exchange App” and “VG Investment Group Syndicate”. Victims were lured with promises that their money would double within 45 days.
Police said the scam unfolded over the last seven months, affecting residents of Madurai, Virudhunagar, Dindigul and Sivaganga districts. The total amount involved is stated to be more than Rs 400 crore.
So far, six cases have been registered and 17 people have been arrested. Officials said efforts are under way to recover money from those arrested.
Investigators also indicated that there are signs of a conspiracy involving foreign individuals in the development of the apps used for the fraud, and that further inquiries are continuing.
