#india_crypto #crytocurency #crackdown #BinanceSquareFamily India Cracks Down on $48M Crypto Fraud in Fiewin Gaming App With Binance Help
India’s Enforcement Directorate has exposed a massive $48 million scam linked to the online gaming app Fiewin, connected to Chinese nationals. Following an in-depth investigation, an equivalent of about $3 million has been frozen in accounts tied to these individuals. The scam lured users with quick earning schemes but blocked fund withdrawals. The investigation also involved Binance’s assistance, revealing complex cryptocurrency transfers to China.
ED Exposes ₹400 Crore Scam Involving Online Gaming App Fiewin
India’s Enforcement Directorate (ED), a specialized financial investigation agency under the Department of Revenue, Ministry of Finance in India, has taken action against a major ₹400 crore (approximately $48 million) fraud tied to an online gaming app, Fiewin, which was linked to Chinese nationals.
The investigation, reported by NDTV, has resulted in the freezing of ₹25 crore in accounts connected to these Chinese individuals. The ED, with support from cryptocurrency exchange Binance, has been investigating the app, which allegedly lured users with promises of quick earnings. However, the app reportedly prevented users from withdrawing funds once substantial amounts were accrued. As complaints mounted, the case was escalated to the ED, which specializes in handling economic crimes.