Binance Aids Indian Government in Arresting 4 Suspects for Fraud Through Gambling Games

The world's largest cryptocurrency exchange, Binance, recently revealed its assistance to Indian law enforcement in tracing on-chain cryptocurrency transactions, leading to the successful arrest of four individuals suspected of gambling fraud.

This small group promoted fraudulent gambling websites on the internet, luring victims to make bets and participate in gambling games with the promise of easy money.

Victims were asked to place their bets using cryptocurrencies. However, it turned out that all data on the gambling websites was fake, and the deposited cryptocurrencies were completely embezzled.

Subsequently, the criminals transferred the cryptocurrencies to several exchanges, including Binance, for laundering and converting into fiat currency. However, using Binance required submitting legal documents for identity verification.

Upon request from India's Financial Crime Investigation Bureau, Binance actively traced the transactions of the involved cryptocurrencies, eventually discovering some of the funds had flowed into wallets of certain accounts on Binance.

What followed was straightforward: Binance provided the real data of these wallet owners to the Indian Financial Crime Investigation Bureau, enabling the easy arrest of the four criminals involved in a case concerning $47.6 million worth of cryptocurrency.

A representative from the Indian Financial Crime Investigation Bureau, who wished to remain anonymous, stated: "Public-private cooperation is crucial in tackling complex financial crimes. In this case, Binance provided analytical support and contributed significantly to the investigation."