Binance Helps Delhi Police Crack Solar Scam, Seizing 100,000 USDT in Crypto

Binance revealed its collaboration with the Delhi Police to bust a “sophisticated scam” orchestrated by a fraudulent entity known as “M/s Goldcoat Solar”.

According to the press release shared with CryptoPotato, the crackdown led to several arrests and the seizure of over 100,000 USDT in crypto assets.

Broken solar scam

As part of the investigation, the Delhi Police discovered that the syndicate had been using numerous SIM cards, fraudulently activated with the identity of innocent people. These fake SIM cards were distributed on a large scale, with some even sent overseas to facilitate the scams.

Meanwhile, the funds deposited by the victims were laundered through different bank accounts. A portion of these funds were also being converted into cryptocurrency, making it difficult to investigate.

Delhi Police reached out to the exchange during an in-country “swapping session” and through virtual meetings, with the former providing crucial analytical support that ultimately helped trace the money trail and catch the perpetrators.

Commenting on the development, Binance’s Head of Law Enforcement Training, Jarek Jakubcek, said:

“Binance has held exchange sessions with global law enforcement agencies, and this case highlights the positive results of those collaborations. By connecting with law enforcement agencies , we can provide timely and crucial support in financial investigations and will continue to do so to help fight financial crime.”

Binance FIU helps India’s ED

Interestingly, this is not the first instance of collaboration between public and private entities in the country. Binance had recently helped Indian authorities shut down a fraudulent online gaming app that defrauded users of more than $47.6 million.

According to a report by CryptoPotato, Binance’s Financial Intelligence Unit (FIU) played a key role last month in helping India’s Enforcement Directorate (ED) trace funds stolen by the platform’s operators Fiewin application and exposing the wider network behind the scheme. As a result, four major actors involved in facilitating the scam and cooperating with the operators of the Fiewin app were arrested.

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