Binance Fraud Investigation Helps Trace $47.6M in Gaming Scam - Coincu

Key points:

• Binance says it has helped India’s Enforcement Directorate to trace funds and arrest four people in a gaming scam.
• Victims were lured into online betting and gaming, promising easy earnings before trapping their funds.

Binance fraud investigation helps India’s ED arrest four in a $47.6M gaming scam. Binance provided key intelligence to trace funds and uncover the fraud network.

Binance Fraud Investigation Aids ED in a $47M Gaming Scam Case

Binance supported India’s Enforcement Directorate in investigating a huge gaming scam of as much as $47.6 million connected with the Fiewin app. The exchange provided critical intelligence that allowed the authorities to trace the fraud network through digital wallets. This is part of the forensic work that Binance does in fighting financial crimes using its Financial Intelligence Unit.

Public-private partnerships, such as that forged here, form the bedrock of fighting complex financial crimes. Binance’s cooperation gave significant impetus to this investigation, leading to the arrest of four individuals involved.

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Binance Supports ED in Uncovering Major Gaming Scam in India

In one recent fraud investigation, Binance collaborated with ED from India to track the money in a $47.6 million scam related to the Fiewin gaming app. The key insight into discovering the fraud network was given by Binance’s Financial Intelligence Unit through analysis of digital wallets.

This is the second major operation between Binance and ED in a joint operation freezing millions of dollars in a money laundering case in 2022. Their cooperation, therefore, underlines the gravity of international cooperation in resolving crimes involving virtual currency.

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