ED conducted raids in Nalanda.
Patna July 18: ED conducted raids at four places in Bihar’s Nalanda in a money laundering case related to cryptocurrency on Thursday.
According to the sources, the persons related to the racket were using a gaming app called FIEWIN to lure potential customers.
ED conducted raids in Nalanda: The ED team raided Amber Naisarai, Garhpar, Hospital Chowk and Badi Pahadi Mohalla in the district. During the raid, the ED sleuths seized many important documents, laptops and computer hard disks. However, no one has been arrested in this case yet.
Ramashankar Singh, the SHO of the City police station confirms the raid.
“The raid was conducted confidentially and the investigation is underway. The details about the raid are with ED officials,” Singh said.
Foreign links: Sources have said that the operators running this gaming app reportedly have Chinese links. The involvement of Chinese nationals cannot be ruled out. The operators have earned crores of rupees through gaming apps and cryptocurrencies were being sent abroad.
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The raid was conducted following information about some people who were involved in share trading in Biharsharif and they were luring people to the gaming app FIEWIN featuring money invested in it would be double to 36 folds by guessing the colors. The winner of the game can earn through cryptocurrencies in the form of Bitcoin and Ethereum.
What is cryptocurrency? : This action of ED is a big blow to the illegal use of cryptocurrency and financial fraud through online gaming. Cryptocurrency is a type of digital currency, which is not under the control of any central bank or government institution. It runs in a decentralized manner, that is, no single entity controls it. Cryptocurrencies like Bitcoin and Ethereum are based on blockchain technology.
EOM.