Indian Regulator Withholds $2.5M from a Binance Fraudulent User

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• Indian Enforcement Directorate froze Bitcoin balances of E-nuggets fraudsters.
• E-nugget gaming app lured Indians into deposing crypto in return for commissions.
• Previously, ED withheld account balances belonging to fraudulent Chinese firms.

The Indian directorate of enforcement (ED) successfully seized over $2.5 million worth of Bitcoin connected to the fraudulent gaming called E-nuggets. The regulator announced this development via its official Twitter account today, November, 11.

Specifically, the Indian authority searched the Binance user’s wallet connected to the mobile gaming application, freezing 150.22 Bitcoin under its prevention of money laundering act, 2002.

ED has carried out search operation on Wallet/User ID in Binance Crypto Exchange leading to freezing of 150.22 Bitcoins equivalent to Rs 22.82 Crore under PMLA, 2002, in respect to an investigation being conducted relating to the Mobile Gamming Application, namely E-nuggets.

— ED (@dir_ed) November 11, 2022

E-nuggets used to be a mobile gaming app offering users high deposit commissions with the option to withdraw earned rewards. However, according to reports, its founder Aamir Khan later disabled the withdrawal function after hitting a considerable deposit. Khan is currently in police custody alongside four others.

In September, the Indian Finance Ministry froze the account balances of various Chinese-controlled entities in connection with a probe into the app-based token HPZ. The withheld amount was Rs. 9.82 crores, equivalent to $1,218,529.39. The affected Chinese companies include Technology Private Limited of Wecash, Aliyeye Network, Magic Data, Baidu (NASDAQ:BIDU), Mobicred, Acepearl Services, Larting, and Comein Network.

The HPZ Token was an app-based token that promised customers significant returns on their investments under the pretext of investing in Bitcoin and other cryptocurrency mining equipment.

According to the press release:

The modus-operandi of the fraudsters was first to lure the victims into investing in their companies on the pretext of doubling their investment through the HPZ Token app and other similar applications.

The ED had frozen virtual account balances equivalent to $6,935,554.10 from the fraudulent firms.

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