The Tamil Nadu state police have officially escalated their response to a series of cryptocurrency-related scams by handing over six active fraud investigations to the Economic Offences Wing (EOW). This specialized unit is tasked with handling complex financial crimes, suggesting a shift toward more rigorous oversight of digital asset-related illicit activities in the region.

Preliminary investigations indicate a consistent pattern in how these frauds were conducted. Perpetrators reportedly instructed victims to transfer funds using cash, Google Pay, or UPI services. Once the funds were collected, they were allegedly converted into Tether (USDT), a stablecoin pegged to the U.S. dollar. These assets were then transferred into specific digital wallets identified by investigators as FQL and VG wallets.

While the police have confirmed the transfer of these cases, details regarding the total number of victims, the exact monetary value of the losses, or the current status of the suspects associated with the FQL and VG wallets remain limited. The move to the EOW is generally viewed as a procedural step to consolidate evidence and utilize specialized financial forensic tools that local police stations may lack. Authorities have not yet released a timeline for the next phase of the investigation, nor have they commented on whether these six cases are linked to a single organized criminal network or represent separate, isolated incidents of fraud.