MADURAI: The FIR registered by the Economic Offences Wing (EOW) in Madurai has shown one Richard Saros from the USA as one of three named accused in the FQL cryptocurrency investment scam case. The other two are K Ranjith and his wife Priyadharshini from Melur in Madurai, besides unnamed others.
According to the EOW FIR, accessed by TNIE, the special unit has also invoked Section 21(1) of the Banning of Unregulated Deposit Schemes Act, 2019, and Section 5 of the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997, apart from sections of the BNS and the IT Act that were already invoked in the parent FIRs registered by the District Crime Branches (DCBs) in Sivaganga and Dindigul and the Cyber Crime Police of Madurai district.
The FIR, which has come to light for the first time, was registered based on a complaint from A Senthilkumar of Thumbaipatti in Melur, a quality engineer at a private company. He joined the investment in February 2026 on the reference of a relative and invested over Rs 50,000. He also spoke to Richard Saros over an app; Saros mentioned Ranjith and Priyadharshini as key figures in the investment and said he could get in touch with them for clarifications.
The amount, which was supposed to double in 45 days, became zero 26 days after investment. When he contacted them for an explanation, he was told that he had invested improperly and was urged to reinvest. Later, realising he had been cheated, he lodged a complaint with the police, the FIR stated.
Six cases had been registered in connection with the alleged fraud: three in Madurai district and one each in Dindigul, Virudhunagar and Sivaganga districts.
DGP (HoPF) Mahesh Kumar Aggarwal had transferred the cases to EOW on August 31. His office mentioned that the cryptocurrency scam included transactions in USDT (a digital currency), Binance wallets, and had suspected international linkages.
(Duped investors can file complaints through helpline 1930 and cybercrime portal http://www.cybercrime.gov.in.)