Authorities in Chennai have initiated action against a fintech firm and its director over an alleged cryptocurrency investment scam impacting multiple investors.
The Economic Offences Wing (EOW) of the Chennai city police has registered a case against TFT Block Chain Services Private Limited, which operated under the name Tycoon Fintech, and its director John Charles Ratchagan. The firm is accused of defrauding investors of around ₹20 crore to ₹30 crore.
According to an official statement, the firm allegedly attracted investors by promising fixed monthly returns of 15% to 20% on cryptocurrency deposits. However, it reportedly failed to deliver the assured returns and did not repay the principal amounts.
Preliminary investigations indicate that the firm operated from multiple locations across Chennai and Thiruvindravur. These include offices at Spencer Plaza, West Tambaram, and the Thiru Vi Ka Industrial Estate.
The case has been registered as part of an ongoing probe into the alleged fraud. Authorities are now examining the scale of operations and the number of affected investors.
The police have urged individuals who invested in the scheme and suffered losses to come forward and file complaints to assist in the investigation.
The development highlights growing concerns around fraudulent investment schemes in the crypto space and the need for caution among investors.
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