Indian authorities, with Binance‘s assistance, arrested four individuals tied to the Fiewin gaming app, accused of defrauding victims of $47.6 million.
Binance assisted Indian law enforcement in investigating four individuals associated with the Fiewin gaming app. The suspects have been apprehended by authorities, who have accused them of defrauding victims of approximately $47.6 million and laundering the money using cryptocurrency.
The Fiewin app, advertised as an online betting and gambling platform, initially assured users of effortless earnings; however, it ultimately ensnared their funds, rendering them unable to withdraw them.
The Enforcement Directorate (ED) of India’s investigation has revealed what it refers to as a sophisticated financial fraud.
According to the ED, the app enticed users to engage in betting and gambling activities before freezing their accounts after a substantial amount of money had been accumulated.
The subsequent transmission of these funds through various cryptocurrency wallets posed a challenge in tracing the transactions.
Upon receiving a request for comment from Decrypt, the Enforcement Directorate office did not respond promptly.
Binance’s Financial Intelligence Unit (FIU) provided technical expertise to assist the ED in tracking the movement of funds through blockchain analysis during this operation.
“Public-private collaborations are crucial in tackling complex financial crimes. Binance’s specialized investigation team is a great example of how private-sector firms can work closely with law enforcement,” said an ED spokesperson in a Binance press release.
The ED has previously disclosed numerous instances of such fraud, including the Fiewin app scheme.
The agency has previously collaborated with Binance to eradicate the E-Nugget scam, a fraudulent digital investment scheme.
The critical role that partnerships between law enforcement and the private sector play in combating financial crime has been underscored by the withholding of millions of dollars in illicit assets as a result of these collaborative efforts.
