Betting app was being run in collaboration with Chinese citizens, ED arrested four; fraud of more than 400 crores

ED has arrested four people in connection with a fraud of Rs 400 crore through online betting and gaming apps. Chinese citizens were allegedly running this app in collaboration with some Indians.

ED said in a statement on Friday that Arun Sahu, Alok Sahu, Chetan Prakash, and Joseph Stalin have been arrested under the Anti-Money Laundering Act in a case related to an app called Fivein. This money laundering case is based on an FIR lodged at a Kolkata police station regarding fraud with online gamers.

This FIR was registered against unknown people. The ED did not say when these people were arrested but said that a special court in Kolkata had sent these people to ED custody for 14 days.

The ED has seized assets worth more than Rs 29 crore from a company that committed fraud by running a Ponzi scheme. This action has been taken during the investigation under the Anti-Money Laundering Act. The ED said in a statement on Friday that this action has been taken against the portal running under the banner of Pearlvine International.

This money laundering case is based on an FIR registered by the Crime Investigation Department of Meghalaya Police on the complaint of RBI. Pearlvine International claimed itself to be a US company, which was not recognized. It had offered many attractive investment options. It collected a minimum of Rs 2250 as a membership fee and ran Ponzi schemes in India between 2018 and March 2023.