Two key accused in the alleged FQL cryptocurrency investment fraud were detained in Tamil Nadu as the Economic Offences Wing expands its investigation. Police secured K Ranjith and his wife Priyadharshini in Dindigul on Monday and took them to Madurai for questioning.
The case has drawn more than 40,000 complaints from investors across Madurai, Dindigul, Virudhunagar and Sivaganga districts. Tamil Nadu Higher Education Minister P. Viswanathan told the Assembly that the estimated financial loss exceeds Rs. 200 crore.
FQL Crypto Scam Accused Taken into EOW Custody
Ranjith, 29, and Priyadharshini, 23, are suspected of playing key roles in crypto fraud operated under names such as FQL Investment Trading, FQL Exchange App and VG Investment Group Syndicate. The couple surrendered before the Dindigul JM-2 Court in a case earlier registered by the Crime Branch-CID.
Following their surrender, Dindigul police secured the couple and handed them over to the Madurai Economic Offences Wing. Police are examining their alleged role in collecting investments and operating the online platform used by investors.
Investigators said agents promoted the scheme among residents, including rural women. Investors allegedly paid through cash and UPI transactions. The operators reportedly promised that investments could ‘double in 40 to 45 days’ through crypto trading, copy trading and daily reward points.
The scheme also promised returns in US dollars. Investors were reportedly asked to invest at least Rs. 50,000. Promoters then allegedly helped them download the FQL Exchange application to access their accounts and track returns.
Investors Say USDT Balances Became Inaccessible
Police investigations found that part of the money collected from investors was allegedly converted into Tether, or USDT. The crypto assets were then credited to wallets linked to FQL and VG accounts.
However, complaints increased after investors said they could no longer withdraw their funds. On August 27, one investor told Madurai Cyber Crime Police that his Rs. 50,000 investment, shown as 839 USDT, had disappeared from his FQL wallet.
Police registered a case under Section 318(4) of the Bharatiya Nyaya Sanhita and Section 66D of the Information Technology Act. Similar complaints later emerged from several districts as more investors reported inaccessible account balances.
The alleged fraud also triggered protests in Melur. Around 250 investors staged a road blockade on August 28 and demanded the return of their money. Police later held talks with the protesters, who withdrew the blockade.
EOW Takes Over FQL Investment Fraud Investigation
Tamil Nadu Director General of Police Mahesh Kumar Aggarwal transferred the related cases to the Economic Offences Wing on August 31. The transfer followed the growing number of complaints and the spread of cases across several districts.
Police had already arrested several people linked to the alleged scheme. Viswanathan said 17 accused had been arrested in three Madurai cases and remanded in judicial custody. Authorities also froze bank accounts linked to 13 accused.
Police formed a 10-member special team under the Melur Deputy Superintendent of Police to trace other suspects. Authorities also blocked the passports of accused persons and began collecting details of properties linked to the investigation.
The EOW is now handling cases registered in Madurai, Dindigul, Virudhunagar and Sivaganga. Police have also asked affected investors to file complaints at local police or cybercrime stations instead of travelling to Madurai. Victims can also contact the national cybercrime helpline at 1930.
SM BLURB: 🚨 Tamil Nadu EOW has detained two key accused in the FQL crypto investment fraud case as complaints cross 40,000. Estimated investor losses have exceeded Rs. 200 crore across Madurai, Dindigul, Virudhunagar and Sivaganga. Authorities are continuing the investigation into the alleged USDT-linked scheme. 💰🚔
Hashtags: #FQLCryptoScam #CryptoFraud #TamilNadu #InvestmentFraud #USDT
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