[REVISION HISTORY]

Cryptocurrency investment scam in Tamil Nadu

Updated 1 time since CLSTR started tracking revisions of this situation.

What changed

2026-09-01 12:05 UTC → 2026-09-02 11:48 UTC · added ~~removed~~

Residents in the Madurai and Dindigul districts of Tamil Nadu have engaged in widespread protests following a massive cryptocurrency-based Ponzi scam. The fraud, involving mobile applications such as ‘FQL Exchange’ and a ‘VG scheme’, allegedly defrauded victims of over Rs 100 crore, with later reports suggesting losses may exceed Rs 1,000 crore. The scheme targeted rural populations, including women and daily-wage laborers, by promising to double investments within 40 to 45 days. As the situation escalated, the death of a young man named Rasu, who had acted as an agent for the firm, led to road blockades and a police lathi charge to disperse crowds. More than 35,000 complaints have been filed across the Dindigul, Sivaganga, and Madurai districts. In Madurai, over 100 victims filed formal complaints at the District Collectorate, reporting the loss of life savings, including funds intended for temple construction and money obtained by pawning jewelry. Law enforcement actions have increased over time. While initial reports noted the arrest of 12 individuals and the identification of a suspect named Ranjith, subsequent developments saw 20 agents arrested and 13 bank accounts frozen. The mobile applications have since been shut down, leaving investors unable to access their funds. The case has ~~since~~ been transferred to the Economic Offences Wing, while key figures Ranjith and Arun remain at large. Politician Anbumani Ramadoss has criticized the police for failing to prevent such recurring financial scams.

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