Binance Helps Indian Police Bust Cryptocurrency Scam
Date: 2024-10-17 Author: Henry Casey Categories: BUSINESS, IN WORLD
The criminals, posing as M/s Goldcoat Solar, claimed to be working on behalf of the Indian Ministry of Power and were developing renewable energy in the country. Their fake claims included plans to achieve the government’s target of increasing solar power capacity to 450 gigawatts by 2030.
The scammers actively used these loud claims to attract gullible investors, promising them significant profits. To do this, they resorted to social media, posing as high-ranking government officials. The criminals demonstrated fake financial reports that allegedly confirmed the income already received from past investments, thereby instilling trust in new victims.
The fraudsters quickly transferred the funds received from the deceived people into cryptocurrency, which made it difficult to track them further. As a result, the Delhi police turned to Binance for help. The exchange actively cooperated with law enforcement agencies, providing information on the movement of funds in crypto accounts and wallets, which helped speed up the investigation process and track down the criminals.
“We always strive to support law enforcement agencies in their efforts to combat financial crimes and fraud,” a Binance representative said, commenting on the incident.
Binance's effective interaction with Indian authorities became possible after the exchange resumed its operations in the country in August, registering with the Financial Intelligence Unit of India.
