CHENNAI: The Tamil Nadu Police's Economic Offences Wing (EOW) registered a case against a Chennai-based firm for defrauding investors of at least Rs 30 crores by promising exponential returns.

The police stated that TFT Block Chain Services Private Limited, operating as Tycoon Fintech, lured investors with promises that investing in cryptocurrency would generate a steady monthly return of 15 per cent to 20 per cent. After a notice from authorities, the directors of the company went into hiding.

Investigations revealed the company operated in violation of the Companies Act. As a "small company", it illegally accepted large-scale investments exceeding prescribed limits without obtaining necessary statutory approvals and failed to maintain proper financial accounts and records.

Based on complaints filed by aggrieved investors, EOW Chennai has registered a case against the company and its director. The company operated from multiple locations, including the seventh floor of a private commercial complex on Anna Salai and the surrounding areas.

EOW officials have advised individuals who invested in the company and suffered losses to submit their complaints either in person or via post to the address "Economic Offences Wing, Police Training College Campus, Ashok Nagar, Chennai-83".