MADURAI: Preliminary police investigation into the FQL cryptocurrency investment scam revealed the fraudulent operation was carried out by agents working in at least 20 levels.
Speaking to TNIE on condition of anonymity, a senior police official stated that they are not sure whether Ranjith from Melur was the kingpin. As of now, the agents are pointing fingers at him and his close family members.
“They (fraudsters) invested the cheated money as their own in cryptocurrency and gained profits. So, action is being taken on their trading accounts. Further details about the accounts, money transferred, and other aspects will be known after the investigation,” he said, adding that lookout notices were issued against the suspects.
Meanwhile, the police department has urged the duped investors to avoid taking any extreme steps. This follows a suicide attempt by a woman in Dindigul over her losses in the scam. Earlier, a youth, another one of the victims, had killed himself in Dindigul.
“The victims can expect a positive outcome. We advise people to avoid believing any apps that are not officially available on the Play Store or App Store,” stated police.
Six cases registered
An official from the Economic Offences Wing (EOW) in Madurai stated that the special unit has registered six cases in Dindigul, Madurai, Sivaganga and Virudhunagar after they were transferred from the district police.
Special teams will be formed to arrest the accused and identify their properties. They will continue from the point where the district police investigation stopped. The investors can file complaints in their jurisdictional police station or through helpline 1930 and cybercrime portal www.cybercrime.gov.in.
‘Transfer cases’
A high court advocate, B Stalin from Melur, said that only a central agency like the CBI can conduct a proper inquiry into the issue. He cited the poor recovery rate and convictions in cases handled by the EOW in recent times.
Citing a police press note mentioning the suspected overseas linkages in the fraud, he alleged, “The investors will not get anything back if the case is not transferred to a central agency.”
CPI(ML) had earlier suggested a probe by a special investigation team.
(To overcome suicidal thoughts contact TN’s helpline 104 or Sneha’s Suicide Prevention helpline 044-24640050)
