[Blockchain Today Reporter Jihye Han] Indian law enforcement agencies have seized more than $10.5 million worth of cryptocurrency assets from online fraud apps with the help of cryptocurrency exchanges, including Binance.
According to Cointelegraph on the 2nd (local time), India's Enforcement Directorate (ED) cooperated with cryptocurrency exchanges such as Binance, ZebPay, and WazirX to block online fraud apps. Funds related to E-Nuggets were traced and cryptocurrencies worth 900 crores ($10.5 million) were seized.
Online gaming app Inerget is said to have stored $10 million worth of cryptocurrency in 70 different cryptocurrency wallet accounts distributed across three cryptocurrency exchanges. The Enforcement Directorate contacted the exchanges and asked them to block wallet addresses and transfer cryptocurrency assets to the institutions' wallets.
According to reports, the Inerget app disguised itself as a gaming platform and claimed to offer customers a large return on their investment. The app was designed to allow users to place bets on promising investment opportunities, but as soon as they invested money, the app disappeared and investors were unable to get their money back.
Aamir Khan, suspected to be the mastermind of the plan, and his accomplice Romen Agarwal have reportedly been arrested and are currently in custody.
hjh@blockchaintoday.co.kr
