FQL investment fraud: 2 detained under Goondas Act

MADURAI: The Economic Offences Wing (EOW) police in Madurai on Sunday detained two main accused, Ranjith (29) and his wife Priyadharshini (23), of Kattaiyanpatti near Melur under the Goondas Act, for their alleged involvement in the FQL investment fraud in which thousands of people in Madurai and neighbouring districts lost their money.

The EOW arrested the couple on September 7 and remanded them to judicial custody. Based on the recommendation of the EOW, Madurai Collector Nishant Krishna ordered their detention under the Goondas Act on Sunday.

Meanwhile, an EOW team led by Inspector A Kamar Nisha conducted searches at the residences of Ranjith, Priyadharshini and 13 other accused in Melur Taluk in connection with the case and seized documents reportedly relevant to the investigation on Saturday.

Inspector Kamar Nisha said the police were taking steps to seize the properties of the accused.

The couple allegedly cheated rural women by operating an investment scheme that promised to double their money in 45 days and offered returns in US dollars. The scheme was operated through an application called FQL Exchange, which the accused allegedly helped investors download on their mobile phones.

Police also suspect that a US-based person identified as Richard Soros was the alleged mastermind behind the fraud and that he operated through Ranjith. The police are investigating to find out the real identity of Richard Soros, an official said.