Madurai and Dindigul residents protest multi-crore cryptocurrency scam

Thousands of investors, primarily rural women, daily-wage laborers, and auto drivers, have staged protests in the Madurai and Dindigul districts of Tamil Nadu following a massive cryptocurrency-based Ponzi scam. The fraud, which allegedly involves losses exceeding Rs 100 crore, utilized mobile applications such as ‘FQL Exchange’ and a ‘VG scheme’ to lure victims.

Scammers reportedly promised to double investments within 45 days, showing returns in US dollars to build trust. Agents often used local slang to gain the confidence of villagers, assisting them in downloading specific APK files or links. Once an initial investment was made—often Rs 50,000 in cash—investors saw digital balances in dollars and were encouraged to recruit others for additional daily bonuses.

Police have identified a primary suspect, Ranjith, a resident of Melur who allegedly claimed to be a former US resident. Following the widespread unrest and protests, Madurai police have arrested 12 individuals. Authorities are currently working to freeze the suspects' passports and recover the defrauded funds.