According to an NDTV report, four Indians accused of aiding the Chinese nationals in this scheme were arrested by ED officials in Kolkata. Binance, the world’s largest cryptocurrency exchange, supported the investigation. Additionally, approximately ₹25 crore has been frozen as part of the probe.

How was the fraud uncovered?

The Fiewin app attracted users by offering an easy way to earn money through mini-games, as noted in a Binance statement cited by NDTV.

"New users could quickly create an account and begin participating in the app's activities, with the option to 'top up' their in-app balance via various payment methods. However, reports have surfaced suggesting that once users' accounts accumulated substantial funds, the app stopped allowing them to withdraw the funds, leaving them unable to recover their money,” the statement said.

The ED's investigation uncovered that approximately ₹400 crore was misappropriated through this scheme. "This money was transferred into various cryptocurrency addresses, which were later traced back to the operation," Binance reported.

As more individuals fell victim to the online gaming app, local police began receiving an increasing number of complaints. Due to the rising complaints, the case was handed over to the ED.