Sivaganga Police Probe Online Investment App Scam After Hundreds Cheated
Sivaganga district police in Tamil Nadu have launched an investigation into a multi-crore online investment scam after receiving hundreds of complaints from investors who were defrauded through mobile applications. The fraud came to light about two weeks ago when the apps—reportedly named FQL and VJ—stopped working, leaving investors unable to access their money.
According to the complainants, the fraudsters advertised that investments made through these apps would double within 45 days. Investors were asked to deposit up to ₹50,000 on one app and ₹1 lakh on the other. Appointed agents helped investors download the applications on their mobile phones and showed the invested money in U.S. dollars. The victims were then told that clicking on text messages received through the app and conducting 'trading' would increase the dollar value.
To make the scheme appear genuine, the scamsters initially paid out returns to a few individuals. This convinced hundreds of people from villages around Sivaganga, including Paiyur, Ayyampatti, Allur, Udayanathapuram, Karampatti and Purasadai Udaipu, to invest their savings.
The collapse of the apps triggered public anger. On Friday, affected people staged protests in parts of Madurai and Dindigul districts. The next day, more than 100 victims from Paiyur, Allur and Purasadai Udaipu gathered outside the office of the Superintendent of Police in Sivaganga, demanding action.
The District Crime Branch police have received petitions from the victims and have begun preliminary inquiries. Officials said the number of complaints is expected to rise in the coming days. "Those involved in the fraud are from Melur in Madurai district. The Madurai police have arrested some suspects, and the case will be fully investigated by them," a police official said.
The police have urged all affected investors to provide bank transaction details, screenshots of the app pages, and names of the agents who recruited them. This information, they said, will help in tracing the money trail and identifying the masterminds behind the operation. The police are also coordinating with cyber crime cells and banks to track the flow of funds.
Given the protests in Madurai and Dindigul, the police are also checking whether similar fraudulent apps have been operating in other districts. A dedicated team is being deployed to collect evidence and record the statements of all victims. The case is likely to be transferred to the Madurai police for a detailed investigation, officials indicated.
This case reflects a larger pattern of investment scams in India, where fraudsters use mobile apps and social media to lure victims with unrealistic promise of returns. Police have urged the public to verify whether an investment platform is registered with regulatory authorities such as the Reserve Bank of India or the Securities and Exchange Board of India. They have cautioned that no legitimate scheme can guarantee doubling money in 45 days.
The Sivaganga police have asked all affected investors to file formal complaints so that the full extent of the fraud can be documented. They have also assured that those responsible will be brought to justice. The investigation is ongoing and further arrests are likely as more evidence is gathered.
