Tamil NaduCrime
Tamil Nadu police transfer alleged MLM-crypto fraud cases to EOW after 40,000 complaints
The Tamil Nadu Director General of Police transferred six cases tied to an alleged Rs 400-crore multi-level marketing cum cryptocurrency fraud to the Economic Offences Wing. Complaints have reached 40,000, with the fraud reportedly spanning four southern districts over seven months.
Madurai: Director General of Police (DGP) Mahesh Kumar Aggarwal on Monday transferred six cases related to an alleged multi-level marketing (MLM) cum cryptocurrency trading fraud to the Economic Offences Wing (EOW), even as the number of complaints rose to 40,000 the same day. The DGP's office said the alleged fraud occurred across Madurai, Virudhunagar, Dindigul and Sivaganga districts over the past seven months. An agency is said to have operated fraudulent schemes under the names 'FQL Investment Trading', 'FQL Exchange App' and 'VG Investment Group Syndicate'. Preliminary investigation indicates agents induced people to invest via cash and G-Pay/UPI transactions, with a portion of the funds allegedly converted into Tether, a cryptocurrency. The alleged fraud is believed to be worth Rs 400 crore.
- Mahesh Kumar Aggarwal
- Economic Offences Wing
From
Tamil NaduCrime
Tamil Nadu police transfer alleged MLM-crypto fraud cases to EOW after 40,000 complaints
The Tamil Nadu Director General of Police transferred six cases tied to an alleged Rs 400-crore multi-level marketing cum cryptocurrency fraud to the Economic Offences Wing. Complaints have reached 40,000, with the fraud reportedly spanning four southern districts over seven months.
Madurai: Director General of Police (DGP) Mahesh Kumar Aggarwal on Monday transferred six cases related to an alleged multi-level marketing (MLM) cum cryptocurrency trading fraud to the Economic Offences Wing (EOW), even as the number of complaints rose to 40,000 the same day. The DGP's office said the alleged fraud occurred across Madurai, Virudhunagar, Dindigul and Sivaganga districts over the past seven months. An agency is said to have operated fraudulent schemes under the names 'FQL Investment Trading', 'FQL Exchange App' and 'VG Investment Group Syndicate'. Preliminary investigation indicates agents induced people to invest via cash and G-Pay/UPI transactions, with a portion of the funds allegedly converted into Tether, a cryptocurrency. The alleged fraud is believed to be worth Rs 400 crore.
- Mahesh Kumar Aggarwal
- Economic Offences Wing
From