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A 25-year-old man died by suicide in Tamil Nadu’s Dindigul district after allegedly facing pressure from investors who had put money into an investment scheme through him. Police are investigating the case as part of a wider probe into an alleged multi level marketing cum cryptocurrency fraud.
The man, identified as A Raja, reportedly encouraged several people to invest in the scheme. Investors allegedly turned to him after they were unable to withdraw their money and demanded that he return their investments. A senior police officer reported that Raja was under pressure from people he had persuaded to invest.
This operation comprised FQL Investment Trading, FQL Exchange App, and VG Investment Group Syndicate. It was revealed that local operators lured investors with the promise of unusually high gains on a daily basis and claimed that the investors would make their investment double within 40 to 45 days through cryptocurrency trading.
The scam was allegedly carried out in Madurai, Dindigul, Virudhunagar, and Sivaganga districts. Investors paid in cash, GPay, and UPI methods, while some portion of the money was apparently transferred into Tether (USDT) in the FQL/VG wallets.
Authorities have registered six cases linked to the alleged FQL operation. Police have arrested 21 people, including the alleged promoter, according to a senior officer quoted by NDTV.
Police received complaints indicating losses of at least Rs. 25 crore, although officials stressed that this is based on complaints received so far and does not represent a final assessment. Authorities have also frozen 13 bank accounts linked to the accused.
Tamil Nadu Director General of Police Dr Mahesh Kumar Aggarwal transferred all six cases to the Economic Offences Wing (EOW). Police cited the number of victims, the suspected scale of the financial losses, cryptocurrency transactions and possible international links behind the decision. The investigation will now focus on tracing the money trail. It also aims to identify the wider network.
Also Read: Crypto Exchange Security: 10 Red Flags to Check Before Depositing Your Funds
