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ED Cracks Down: INR 90 Cr Seized from Crypto Giants

Inc42 · 1y ago

ED Cracks Down: INR 90 Cr Seized from Crypto Giants

The Enforcement Directorate has seized frozen crypto assets worth INR 90 Cr, kept in wallets of Binance, ZebPay and WazirX, in connection with a money laundering case involving online gaming app E-Nugget. The ED alleged that E-Nugget disguised itself as a gaming platform and lured users with promises of lucrative profits.

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ED seizes Rs 90 crore funds kept in Binance, ZebPay, WazirX wallets

Economic Times

Economic Times · 1y ago

ED seizes Rs 90 crore funds kept in Binance, ZebPay, WazirX wallets

The Enforcement Directorate has seized funds worth Rs 90 crore from cryptocurrency wallets linked to exchanges like Binance, ZebPay, and WazirX. The investigation is part of a money laundering case related to an online gaming app scam. The app, called 'E-Nugget,' promised high returns on investments but turned out to be a fraudulent scheme. The ED froze funds totaling nearly Rs 90 crore from 70 accounts held with these exchanges. So far, a total of Rs 163 crore worth of assets have been seized or frozen in the case.

Govt issues orders to ban 22 illegal betting apps

Economic Times

Economic Times · 1y ago

Govt issues orders to ban 22 illegal betting apps

The Indian government has banned 22 illegal betting and gambling apps and websites, including the controversial app Mahadev Book Online. The Ministry of Electronics and Information Technology (MeitY) issued the order to block these apps and websites following investigations conducted by the Enforcement Directorate (ED) against Mahadev Book's unlawful operations. The ED had seized assets worth INR 417 crore in connection with the app in September and alleged that it made INR 450 crore per month by offering illegal bets through various online applications.

ED Arrests Four Accused In INR 400 Cr Gaming App Fraud

Inc42 · 11m ago

ED Arrests Four Accused In INR 400 Cr Gaming App Fraud

ED has apprehended four individuals who were involved in a fraud scheme through the online gaming app 'Fiewin'. The app posed as a legitimate platform and enticed users with the prospect of making quick money through online betting and gaming. The scam amount totaled over INR 400 Cr. The funds acquired were converted into cryptocurrency and then transferred to the wallets of Chinese nationals on the foreign crypto exchange Binance.

Microsoft files legal action against information-stealing malware Lumma Stealer

Economic Times

Economic Times · 3m ago

Microsoft files legal action against information-stealing malware Lumma Stealer

Microsoft's Digital Crimes Unit filed legal action against Lumma Stealer after discovering nearly 400,000 Windows computers worldwide infected by this malware recently. Lumma Stealer steals data from browsers and crypto wallets and installs other malware. Through a court order, Microsoft's DCU managed to take down malicious domains. The U.S. Department of Justice seized five domains used for operating LummaC2. This highlights the evolving cybercrime landscape and the necessity for robust cybersecurity measures.

CarTrade Posts INR 23.55 Cr Loss In Q3, Including OLX Auto Business

Inc42 · 1y ago

CarTrade Posts INR 23.55 Cr Loss In Q3, Including OLX Auto Business

CarTrade Technologies, the online classifieds and auto auction platform, reported a net loss of INR 23.5 Cr in Q3 FY24, mainly due to the loss in the auto sales division of OLX business that it shut down during the quarter. However, excluding the discontinued operations, CarTrade posted a net profit of INR 21.96 Cr. Its operating revenue increased by over 42% to INR 138.6 Cr in Q3 FY24. CarTrade received an average of 70 million monthly unique visitors, with more than 90% being organic.

ED takes action against illegal online gambling

Startup News FYI

Startup News FYI · 2y ago

ED takes action against illegal online gambling

The Enforcement Directorate (ED) has seized INR 5.87 crore from various individuals and entities under the Prevention of Money Laundering Act as part of its ongoing effort to combat illegal online gambling platforms. The investigation, stemming from a complaint filed by the Directorate General of Goods and Services Tax Intelligence, revealed a scheme orchestrated by Shyamala N and Umar Farooq. They registered multiple companies using forged documents and set up a network of 14 entities to deceive the public into online gambling. Indian authorities have taken comprehensive measures to curb illegal online gambling, including banning offshore platforms and blocking apps connected to China.

OPEN Spent INR 195 Cr To Earn INR 25 Cr Revenue In FY24

Inc42 · 11m ago

OPEN Spent INR 195 Cr To Earn INR 25 Cr Revenue In FY24

Indian startup OPEN, backed by Temasek, saw a 30% decrease in net loss for FY24, down to INR 170 Cr. The total expenditure also dropped 34% to INR 194.6 Cr. However, OPEN spent INR 7.84 for every rupee earned from operations in FY24.

[Update] Zype Raises INR 90 Cr From Xponentia Capital

Inc42 · 18d ago

[Update] Zype Raises INR 90 Cr From Xponentia Capital

Zype, a fintech startup, raised INR 90 crore in funding from Xponentia Capital, with contributions from Unleash Capital Partners and angel investor Tejinder Singh Hara. This funding includes INR 34 crore converted from debt to equity. The capital will be used to expand Zype's product portfolio and enhance its presence in Tier II and III cities. Previously, Zype raised INR 146 crore in a funding round led by Xponentia Capital.

Illegal T20 WC Streaming: ED Searches 20 Premises

Inc42 · 1y ago

Illegal T20 WC Streaming: ED Searches 20 Premises

The Enforcement Directorate (ED) has frozen INR 2 crore and identified crypto wallets with balances worth INR 12 crore as part of an investigation. Search operations conducted in multiple cities led to the seizure of incriminating records and digital devices. The searches were initiated based on an FIR filed against the "magicwin" platform for unauthorized streaming of the ICC Men's T20 World Cup 2024 and operating an illegal online betting platform.

ED seizes cryptocurrency worth Rs 1,646 Cr in mega money laundering probe

YourStory

YourStory · 6m ago

ED seizes cryptocurrency worth Rs 1,646 Cr in mega money laundering probe

The Enforcement Directorate (ED) conducted its largest cryptocurrency seizure, worth Rs 1,646 crore, in a money laundering probe involving a fraudulent investment scheme called the BitConnect lending program. The investigation revealed deceptive practices promising high returns to investors while funds were allegedly misappropriated. Authorities utilized technological expertise to track and seize assets from numerous crypto wallets and digital devices. The main accused is also under investigation by US federal authorities, and the case continues.

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