Dindigul police arrested three more people on Saturday in the FQL crypto Ponzi scam in Tamil Nadu. The arrests came after nearly 25,000 complaints reached police over investor losses linked to the alleged scheme.
The arrests followed a sharp rise in complaints as investors submitted petitions and documents at three special camps. Madurai rural police organised the camps to handle the growing number of complaints from affected investors.
Police identified the arrested people as Ramesh, his wife Anitha and Vijay. The Dindigul District Crime Branch had registered a case against 10 suspects in the alleged multi-crore cryptocurrency fraud.
Investigators examined investor complaints to trace money movement and identify the alleged agent network. Officials planned to forward the petitions to the Economic Offences Wing in Madurai after the special unit took over.
Melur investor R Sakthivel said he initially invested Rs. 50,000 and received returns during the scheme’s early period. Agents later encouraged him to invest another Rs. 1 lakh through V G Investment, promising higher returns.
Sakthivel also alleged that Ranjith had led the operation, while police treated him as an agent. Police said Ranjith had filed a ‘not-to-harass’ petition after the allegations surfaced.
Ranjith and his wife later posted separate social media videos claiming innocence and reporting threats. Police examined their claims alongside investor statements and other evidence.
Police said FQL investors received returns for some time, which encouraged further investments. Investigators suspected operators later redirected investors toward V G Investment before allegedly siphoning collected funds.
The investigation focused on identifying the total losses and tracing funds across the suspected network. Investors could report complaints through local police, cybercrime stations, the 1930 helpline, or the National Cyber Crime Reporting Portal.
Disclaimer : Crypto News India does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
