Binance Helps Indian Authorities Crack Down on $47.6 Million Scam
25.09.2024 16:30 1 min. read Alexander Zdravkov
Binance has revealed its significant role in assisting India’s Enforcement Directorate (ED) to dismantle Fiewin, a fraudulent online gaming platform that allegedly scammed users out of ₹400 crore (around $47.6 million).
In a blog post, Binance explained that its Financial Intelligence Unit (FIU) provided crucial analytical support, aiding the ED in tracing the flow of illicit funds associated with the scam.
Fiewin initially appeared as a legitimate gaming service, enticing users with promises of high returns from online betting. However, after accumulating substantial deposits, the platform blocked withdrawals, leading to user complaints and subsequent investigations.
An ED official highlighted the importance of public-private partnerships in combating financial crime, noting Binance’s effectiveness in preserving the integrity of India’s cryptocurrency sector.
The investigation revealed that Fiewin was part of a larger global criminal scheme, utilizing fake bank accounts and crypto wallets to obscure the trail of stolen funds.
With Binance’s help, authorities were able to untangle this network and track the laundered money across multiple wallets.
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