The Enforcement Directorate (ED) has arrested four individuals, including Chennai software engineer Joseph Stalin, in connection with a Rs 400 crore scam involving the Fiewin online betting and gaming app. The accused are charged under the Prevention of Money Laundering Act (PMLA).
The ED’s investigation revealed that the Fiewin app was allegedly operated by Chinese nationals with assistance from Indian nationals, including Stalin. Stalin is accused of aiding Chinese national Pie Pengyun, from Gansu province, in becoming a co-director of Studio 21 Pvt Ltd, the company behind the app. The company’s account was used for bulk payouts, which facilitated large bets and generated significant revenue.
Approximately Rs 400 crore was siphoned through the app and credited to Chinese nationals’ Binance crypto wallets. In addition to Stalin, Arun Sahu, Alok Sahu, and Chetan Prakash were also arrested for their roles in the money laundering operation.
The four individuals were presented before a special court in Kolkata, which has granted the ED custody for 14 days. The economic intelligence agency continues its investigation into the case.
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