Sivaganga police probe FQL and VJ apps promising double returns
Business
A big investment scam has hit Sivaganga, where police are looking into two apps (FQL and VJ) that promised to double users' money in just 45 days.
App users invested up to ₹50,000 on one app and ₹1 lakh on the other through appointed agents, but everything crashed when the apps suddenly stopped working two weeks ago, leaving many out of pocket.
Investors protest in Madurai and Dindigul
The apps showed US dollar balances and pushed users to do "trading" for bigger returns.
At first, some got paid, which drew in even more people from nearby towns.
When the scheme collapsed, protests broke out in Madurai and Dindigul.
Police have received hundreds of complaints from investors so far.
The Madurai police have arrested some suspects, and the case will be fully investigated by them.