4 individuals arrested in India for Rs 400 crore online betting fraud involving Chinese-linked app 'Fiewin', funds laundered through 8 Binance wallets.
The Enforcement Directorate (ED) arrested four individuals, including Arun Sahu, Alok Sahu, Chetan Prakash, and Joseph Stalin, in India for their involvement in a Rs 400 crore ($54 million) online betting and gaming fraud involving the Chinese-linked app, 'Fiewin'. The app generated funds from users, which were laundered through eight Binance wallets linked to Chinese nationals. Indian nationals allegedly assisted Chinese operators in the fraud scheme, converting funds into cryptocurrency and depositing them into Chinese nationals' wallets on Binance, a foreign crypto exchange. The investigation is ongoing to uncover deeper links and operations within the fraud network.
August 16, 2024
13 Articles