ED Uncovers Rs 400 Crore Fraud Linked to Fiewin Gaming App and Chinese Nationals

The investigation reveals a sophisticated scheme involving cryptocurrency laundering and the arrest of four Indian nationals.

The Enforcement Directorate (ED) has uncovered a Rs 400 crore fraud involving the Fiewin gaming app, operated by Chinese nationals with Indian accomplices.
Four Indian nationals have been arrested for their roles in converting funds from app users into cryptocurrency and transferring it to Chinese wallets.
The scam promised users easy earnings through mini-games but blocked withdrawals once significant funds were accumulated in user accounts.
Binance's Financial Intelligence Unit played a crucial role in assisting the ED by tracing the movement of funds and providing technical insights.
The investigation continues as the ED and Binance work to dismantle the cross-border criminal network and recover the laundered money.