Binance has once again played a crucial role in assisting Indian authorities in dismantling a fraudulent crypto-linked operation. According to Inc42, a local media outlet, over $100,000 worth of USDT was confiscated, and several arrests were made in the investigation.
The scam was reportedly orchestrated by a fraudulent entity known as “M/s Goldcoat Solar.” They exploited India’s renewable energy ambitions, falsely claiming that they had secured rights from the Ministry of Power to contribute to the country’s goal of expanding its solar power capacity to 450 gigawatts by 2030. Promising high returns, the fraudsters lured numerous investors by fabricating a connection to India’s renewable energy projects.
The scammers also posed as high-ranking officials and invoked the names of well-known dignitaries to enhance the scheme’s credibility on social media. They employed fabricated earnings reports from past “investors” to create a false sense of legitimacy. Investigators discovered that the group had activated multiple SIM cards under the names of unsuspecting individuals to hide their identities, with some of the cards sent abroad to further obstruct the investigation.
The stolen funds were funnelled through multiple bank accounts, and some were converted into cryptocurrency, making the money trail more difficult to trace.
Binance supported the Delhi Police by offering crucial analytical assistance, helping investigators track financial transactions linked to the scam.
Notably, this is the second time the crypto exchange has assisted Indian authorities in crypto-linked cases in the past thirty days. In a previous case linked to the Fiewin gaming app, Binance’s collaboration led to the arrest of four individuals on September 25. The Fiewin app presented itself as a legitimate platform where users could earn money by playing games, but many found their accounts frozen once their funds reached a certain threshold, preventing any withdrawal.
Jarek Jakubcek, head of Law Enforcement Training at Binance, reportedly these collabrations are an ogning effort at the exchange. hope “we can provide timely and crucial support in financial investigations and we will continue to do so to help combat financial crimes.”
Jarek Jakubcek, head of Law Enforcement Training at Binance, reportedly stated that these collaborations are an ongoing effort at the exchange. He noted they allow them to “provide timely and crucial support in financial investigations” and stated they “will continue to do so to help combat financial crimes.”
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