The arrested individuals lured users into online betting and gaming. Once the payment amounts accumulated, they froze the accounts, siphoning off about $47.6 million from victims through cryptocurrency wallet transfers to evade detection.
During the investigation, the ED received support from Binance's Financial Intelligence Unit (FIU). Binance reportedly assisted the ED by providing technological resources to track the flow of funds through blockchain analysis.
"Public-private collaborations are crucial in tackling complex financial crimes," an ED official was quoted as saying. "In this case, they (Binance) provided us with analytical support that contributed to the investigation."
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