India’s Enforcement Directorate (ED) and Binance investigated the Fiewin gaming app, revealing a $47 million investment fraud. Four individuals were arrested.
ED Investigation
The Enforcement Directorate (ED) of India arrested four individuals linked to the fraudulent activities of the Fiewin gaming app. The app lured users by promising high returns through online betting and gaming.
Binance's Role in the Investigation
Binance exchange shared details on its role in helping the Indian Enforcement Directorate (ED) investigate and dismantle the fraudulent online gaming platform Fiewin. Binance's Financial Intelligence Unit (FIU) provided critical support to track the flow of illicit funds through the cryptocurrency ecosystem.
Significance of Collaboration
The development highlights the significance of collaborations between government agencies and private platforms to fight financial crimes.
The investigation underscores the importance and efficacy of joint efforts by public and private organizations in combating financial crimes.
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