Chennai: Economic Offences Wing registered a case against a Chennai-based cryptocurrency firm and its director for defrauding investors of approximately 30 crore by promising high monthly returns.Investors claimed that TFT Block Chain Services Pvt Ltd, operating as Tycoon Fintech, lured investors with promises that investing in cryptocurrency would generate a steady monthly return of 15% to 20%. The company failed to pay the promised monthly interest and the principal investment. A complaint was lodged with the Reserve Bank of India in 2023. When RBI issued a notice, the company and its directors went into hiding. The RBI filed a complaint with the Registrar of Companies. Multiple notices were issued, but neither the company nor its directors took any action. Probe revealed that the company illegally accepted large-scale investments without approvals and failed to maintain proper records. The Department of Company Affairs imposed a fine, and EOW registered a case against the company and its director, John Charles Ratchagan. Victims of the scam may submit their complaints to Economic Offences Wing, Police Training College Campus, Ashok Nagar, Chennai-83. tNN
