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Betting app Fiewin in ED crosshairs; attaches assets including cryptocurrency in Binance

Economic Times · 9m

The Enforcement Directorate (ED) has seized assets, including cryptocurrency in Binance wallets, as part of an investigation into illegal online applications connected to Chinese nationals. Indian accomplices assisted Chinese nationals in running the illegal betting/gaming app called Fiewin, which promised easy money. The app generated around Rs 400 crore ($53 million) through simple luck-based games before the funds were funneled into Binance wallets owned by Chinese nationals. The ED has attached assets worth Rs 25.78 crore ($3.4 million), including cryptocurrency worth Rs 24.9 crore ($3.3 million) belonging to the Chinese nationals. Several Chinese nationals have been identified in connection with the case.