Fiewin Online Gaming Fraud News: Investigating a Rs 400 Crore Scam
Overview of the Fiewin Fraud
The recent investigations into Fiewin, an online gaming application, have exposed a massive fraud scheme involving approximately Rs 400 crore, primarily perpetrated by Chinese nationals. The Enforcement Directorate (ED) has taken definitive steps, freezing around Rs 25 crore and arresting four Indian accomplices in Kolkata.
How the Fiewin Scheme Worked
The Fiewin app attracted users with enticing mini-games and offered an easy path to earnings. New players could sign up and boost their in-app balance through a variety of payment methods. However, withdrawals became impossible as users generated significant funds, locking them out permanently.
Fraud Operations and Arrests
As the ED delved deeper, it traced the siphoning of Rs 400 crore through an intricate network of cryptocurrency transactions. Funds were collected by what are termed 'recharge persons,' who facilitated this operation. Arrests included two recharge individuals, Arun and Alok Sahu from Odisha and engineer Chetan Prakash. Together, they converted gamers' funds to cryptocurrency, funneling profits to Chinese operatives.
Joseph Stalin, another key player, was implicated for enabling a Chinese national to manage a shell company aiding in these fraudulent transactions.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.