After the Chit Fund mega scandal, another major scam has surfaced in Chhattisgarh's Manendragarh-Chirmiri-Bharatpur (MCB) and Korba districts, where individuals posing as cryptocurrency managers defrauded crores of rupees from the public under the guise of crypto investments and then disappeared. It is alleged that the QLOF company collected substantial sums from investors, abruptly ceased withdrawals months ago, and subsequently abandoned its office.
Complaints have been filed at Chirmiri police station, although no case has been registered yet. Former Congress MLA Dr. Vinay Jaiswal and his supporters visited the police station and submitted a memorandum demanding immediate action against the company.
Dr. Jaiswal has accused QLOF of defrauding people of approximately Rs 600 crore before fleeing. He has issued a warning that if authorities fail to take stern action against the company within ten days, he will organize protests at the police station.
The scam involved enticing people, including unemployed youth and common citizens, with promises of substantial profits through cryptocurrency investments. Initially, the entry fee was Rs 3,000, which was later increased to Rs 6,000 as the network expanded in April. Participants were lured with high commissions, bonuses, and promises of interest on deposits.
The complaint highlights that QLOF had been operational in the area since December 2023, encouraging people to download apps for cryptocurrency trading. In June 2024, the company claimed its system was hacked, halting money withdrawals until system upgrades were completed. Furthermore, Rs 6,000 was separately collected from everyone for KYC verification.
The company abruptly shut down operations on July 1. Dr. Jaiswal estimates that over seven to eight months, QLOF amassed crores of rupees from around 10 lakh individuals in MCB, Korea, and Korba districts, including youth, housewives, unemployed individuals, and the middle class.
Dr. Jaiswal criticized the district administration and police for their inaction despite the scale of the fraud. The QLOF app, which facilitated the fraudulent activities, has since vanished from the Play Store, and it was originally downloaded through APK as it was not available on Google Play Store.
