• Binance crypto platform, has claimed that its FIU played a pivotal role in assisting India's ED by providing critical intelligence to trace funds and expose the fraudulent network. According to a report by The Economic Times, the ED investigation also revealed that Chinese nationals were allegedly running the illegal betting and gaming app with the aid of their Indian associates.

• The Enforcement Directorate (ED) has arrested four individuals associated with the online gaming app Fiewin, which defrauded users of over ₹400 crore.

• Fiewin, initially presented as a legitimate platform for earning money through games, allegedly operated as an illegal betting/gaming app by Chinese nationals with Indian accomplices.

• The app enticed users with promises of easy money but prevented them from withdrawing funds once their accounts accumulated substantial amounts.

• ED's investigation revealed a cross-border criminal network using various methods to launder money and hinder detection, leading to the arrest of key individuals involved in the fraud.

😐 More Information : Times of India