The Enforcement Directorate (ED) of India has arrested four individuals in relation to an online gaming app called Fiewin, which is suspected of defrauding users of over Rs 400 crore ($47.6M). The app promised users the opportunity to earn money through games but allegedly stopped users from withdrawing their funds once they had accumulated a significant amount. The money stolen through this scheme was then laundered using digital wallets linked to a global crypto exchange, with Binance's Financial Intelligence Unit (FIU) providing crucial intelligence to help trace the funds and uncover the fraud network. The ED and Binance are working together to further investigate and dismantle the criminal network behind the fraud. This case highlights the importance of public-private partnerships in combating financial crime, and Binance's entry into the Indian market brings technological capabilities that can enhance collaborative investigative efforts. This is not the first time the ED and Binance have successfully partnered to dismantle fraud operations, with a previous joint operation leading to the identification and freezing of digital-asset and bank accounts totaling nearly $6M in ill-gotten gains.



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