CHENNAI: The Economic Offences Wing (EOW) of the Chennai city police has registered a case against a private fintech firm and its director for allegedly defrauding investors to the tune of Rs 20 crore to Rs 30 crore under the pretext of cryptocurrency investments.
In a press release issued on Friday, the EOW said TFT Block Chain Services Private Limited, operating under the name Tycoon Fintech, had lured members of the public by promising fixed monthly returns of 15% to 20% on crypto deposits. The firm, however, allegedly failed to repay both the assured returns and the principal amounts.
A case has been registered against the company and its director, John Charles Ratchagan. Preliminary investigations revealed the firm operated from multiple locations across Chennai and Thiruvindravur, including offices at Spencer Plaza, West Tambaram and the Thiru Vi Ka Industrial Estate.
The police have appealed to those who invested in the firm and suffered losses to come forward and lodge complaints.