The cryptocurrency exchange Binance has announced that thanks to crucial information from its Financial Intelligence Unit, it helped Indian authorities expose a fraudulent network. This is another excellent job done by the Binance Security team.
Cooperation Between Binance and Indian Authorities
As part of one of the latest collaborations between private and public entities, Binance, the world's largest cryptocurrency exchange, revealed that it assisted Indian authorities in uncovering a fraudulent online gaming application that scammed users out of more than 400 million Indian rupees (approximately $47.6 million).
 According to a blog post by #Binance , their Financial Intelligence Unit (FIU) provided key information that helped the Indian Enforcement Directorate (ED) trace funds siphoned by the operators of the gaming app Fiewin and uncover a complex fraud network.
 How the Fiewin Fraud Worked
The operators of the Fiewin app promoted their platform as a way for users to earn money by playing mini-games. Users could create accounts and add funds using various payment methods. However, once higher amounts accumulated in their accounts, the app blocked them from withdrawing their money. The funds were then funneled into multiple cryptocurrency wallets.
 Investigation and Uncovering of Money Laundering
The Indian ED launched an investigation after local police across the country received numerous complaints from Fiewin users who had lost their money. During the investigation, it was found that Fiewin was connected to a cross-border criminal network that used mule bank accounts and cryptocurrency wallets to obscure the movement of stolen funds. With Binanceâs help, authorities were able to trace the flow of laundered money and unravel the complex structure of this fraudulent scheme.
 Importance of Public-Private Sector Cooperation
A representative from the ED highlighted the importance of cooperation between the private and public sectors in combating financial crimes. They praised Binance's investigative team as a prime example of effective collaboration that led to significant results in this case. Binance provided analytical support that was crucial to the successful investigation.
Arrest of Four Key Individuals
The investigation led to the arrest of four individuals who played key roles in orchestrating the fraud and collaborated with the operators of the Fiewin app. These individuals used privacy-focused messaging apps and operated from various locations.
 Binance stated that the case is ongoing, and the ED expects to uncover more criminal structures and fully reveal the extent of Fiewin's operations.
 Notice:
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