Crypto Scam Devastation: Investor Dies Under Pressure

A cryptocurrency trading scam in Tamil Nadu has taken a tragic turn with the death of a 25-year-old man, A. Raja, who died by suicide in Dindigul district. He was reportedly under severe pressure from individuals he had advised to invest in the FQL scheme. This multi-level marketing operation, also known as FQL Investment Trading, FQL Exchange App, and VG Investment Group Syndicate, had been operating for seven months across several districts.

The scheme lured victims with promises of doubling their investments within 40-45 days through cryptocurrency trading, accepting payments via cash, G-Pay, and UPI. Investments were allegedly converted to Tether (USDT) and credited to FQL/VG wallets. The fraud surfaced when investors could no longer withdraw their funds, with the app eventually shutting down. Investigations have led to the registration of six cases and 21 arrests, with estimated losses reaching at least Rs 25 crore. The Tamil Nadu Director General of Police has transferred all six cases to the Economic Offences Wing due to the large number of victims and suspected international linkages.