FQL investment scam allegedly defrauds investors of 1,000 crore rupees

FQL scam cryptocurrency fraud Tamil Nadu investment fraud VG Trading

The FQL and VG Trading mobile applications have allegedly defrauded thousands of investors across Tamil Nadu, including farmers and middle-class families, of approximately 1,000 crore rupees. The scheme lured victims by promising to double their money through cryptocurrency and Bitcoin share market investments.

In Madurai, over 100 victims filed formal complaints at the District Collectorate, reporting that they had lost life savings, including money intended for temple construction and funds obtained by pawning jewelry. The mobile applications have since been shut down, leaving investors unable to access their funds.

The fraud has led to tragic consequences, including the suicide of a young man named Rasu from Dindigul. In response to the incident, politician Anbumani Ramadoss criticized the police for failing to prevent such recurring financial scams. While the primary suspect, Ranjith, remains at large, authorities have arrested six individuals, including an agent named Anita.

Entities

Anbumani Ramadoss · Dindigul · FQL · Madurai District Collectorate · Rasu · Rasumadurai · Tamil Nadu Police · VG Trading

Claims

What the coverage asserts, and how many sources carry each claim.

[○ 1 SOURCE] A young man named Rasu from Dindigul committed suicide after losing money in the FQL scam. www.vikatan.com
[● 2 SOURCES] The FQL company allegedly defrauded people of approximately 1,000 crore rupees. www.vikatan.com
[○ 1 SOURCE] Over 100 people submitted complaints at the Madurai District Collectorate regarding the FQL and VG Trading mobile apps. www.vikatan.com
[○ 1 SOURCE] Anbumani Ramadoss criticized the police for failing to prevent such recurring financial frauds in Tamil Nadu. www.vikatan.com
[● 2 SOURCES] The company promised to double investments by trading in cryptocurrency and Bitcoin share markets. www.vikatan.com
[○ 1 SOURCE] Authorities have arrested six individuals, including an agent named Anita, while the main suspect, Ranjith, remains at large. www.vikatan.com

Sources

'FQL மோசடி : 'கோவிலுக்கு கட்ட வைத்திருந்த பணத்தை இழந்துட்டோம்' பொதுமக்கள் கண்ணீர் மல்க புகார்! | FQL Scam: 'We lost the money set aside for the temple' — Public lodge tearful complaints! [www.vikatan.com]

11 days ago

FQL மோசடி: இளைஞர் தற்கொலை; 'தடுக்கத் தவறிய காவல்துறை பொறுப்பேற்க வேண்டும்'- அன்புமணி ராமதாஸ்| FQL Fraud: Police Must Be Held Accountable for Failing to Prevent It Anbumani Ramadoss [www.vikatan.com]

10 days ago