Tamil Nadu Police Hand Over Six Crypto Fraud Cases to Economic Offences Wing

The Tamil Nadu Police Department has escalated six cryptocurrency fraud cases to its Economic Offences Wing for further investigation and prosecution. The cases emerged from preliminary inquiries that uncovered a coordinated pattern of financial irregularities spanning multiple complaints across the state.

According to initial investigation findings, the accused allegedly solicited payments from investors through multiple channels, including direct cash transfers, Google Pay, and UPI transactions. Once funds were collected, a significant portion was reportedly converted into Tether (USDT), a stablecoin cryptocurrency, suggesting deliberate attempts to obscure the movement and origins of the money.

The transfer to the Economic Offences Wing indicates the severity and complexity of the alleged fraud scheme. The specialized unit is better equipped to handle large-scale financial crimes involving digital assets and cryptocurrency transactions, which have become increasingly prevalent in the region.

Investigations are ongoing to identify all individuals involved in the scheme and to trace the full extent of funds diverted through cryptocurrency channels. Authorities are also working to recover seized digital assets and provide restitution to affected investors. The cases highlight growing concerns about cryptocurrency-based fraud targeting retail investors in India.