GG News Bureau
New Delhi, 26th Sept. In a major crackdown on an online gaming fraud, the Enforcement Directorate (ED) has uncovered a ₹400-crore scam involving Chinese nationals linked to the gaming app Fiewin. As part of its investigation, the ED has frozen approximately ₹25 crore in the accounts of certain Chinese individuals associated with the app.
Earlier, four Indian nationals were arrested in Kolkata for allegedly aiding these Chinese operatives in the fraud. The ED’s investigation received crucial support from Binance, the world’s largest cryptocurrency exchange, which assisted in tracing the financial transactions involved in the scheme.
According to Binance, the Fiewin app attracted users by promising easy monetary gains through mini-games. Users could quickly register and participate in various in-app activities, including the option to “top up” their balances via multiple payment methods. However, once users accrued significant funds, many reported that the app barred them from withdrawing their money.
The ED’s probe revealed that approximately ₹400 crore had been illicitly acquired through this operation, with funds transferred to various cryptocurrency addresses, ultimately linked back to the fraudulent activities. As complaints about the app surged, local police escalated the case to the ED, known for tackling economic crimes and money laundering.
The investigation found that money collected from users was funneled into accounts held by individuals termed “recharge persons,” who received a commission from the app’s owners. These funds were subsequently converted into cryptocurrency and transferred to the accounts of Chinese nationals.
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