A 25-year-old man died by suicide in Tamil Nadu’s Dindigul district after allegedly facing pressure from people who had invested money in a cryptocurrency trading scheme on his advice.
The alleged scam involved FQL Investment Trading, FQL Exchange App and VG Investment Group Syndicate. Police said local agents allegedly attracted investors by promising unusually high daily returns and claiming their money could be doubled within 40 to 45 days through cryptocurrency trading.
Investments were reportedly collected through cash, G-Pay and UPI, with part of the money allegedly converted into Tether (USDT) and transferred to FQL/VG wallets.
Trouble began when investors were reportedly unable to withdraw their money. The application was later shut down, while investors allegedly faced inaccessible balances and demands for additional payments.
Raja had reportedly encouraged several people to invest in the scheme. After withdrawals failed, investors allegedly pressured him to return their money.
A senior police officer told NDTV that Raja was under pressure from investors whom he had persuaded to invest. He subsequently died by suicide in Dindigul.
The alleged scam has resulted in six police cases across Madurai, Dindigul, Virudhunagar and Sivaganga. So far, 21 people have been arrested, while police have frozen 13 bank accounts linked to the accused.
According to police, complaints received so far indicate losses of at least ₹25 crore. The figure is based on complaints received and is not a final assessment of the alleged fraud.
The Tamil Nadu DGP has transferred all six cases to the Economic Offences Wing (EOW), citing the large number of victims, the reported financial losses, cryptocurrency transactions and suspected international links.
