ED smashed a fake app with the help of Binance

An Indian law enforcement agency, the Enforcement Directorate (ED), seized 90 crores ($10.5 million) from the online scam app E-Nuggets with the help of cryptocurrency exchanges Binance, ZebPay, and WazirX.

According to ED, Kolkata stated that The E-Nugget app masqueraded as a gaming platform that promised users high returns on their investments. According to a report published by the Hindu, the online gaming app E-Nugget had cryptocurrencies worth $10 million stored in 70 different crypto wallet accounts spread across the three crypto exchanges.

The app promised an attractive chance for investment by presenting an endless number of appealing real-money games with hefty commissions that users could put money on. But as soon as money was invested, the app went quiet, leaving investors confused and unable to recover their money.

The scam app first gained attention in 2022, when some of the company's funds were invested in digital assets. The ED inquiry found 2,500 fraudulent bank accounts with 19 crores ($2.2 million) in cash. The ED has attached and seized assets worth more than 163 crores ($19.5 million), including cash, cryptocurrency, account balances, and office space.

The authority said in a press release, that ED sought details of several crypto wallets with several exchanges notably Binance, ZebPay & Wazirx. Information gathered from Binance, and other exchanges led to a freezing of funds totaling nearly Rs. 90 Crore available in 70 accounts, maintained with Binance, ZebPay, and WazirX holding funds, which were linked to the scam. These crypto assets were subsequently taken into possession of EED and transferred into the Crypto wallet of ED.

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