Binance Aids Delhi Police in Solving Solar Fraud Case

Title: Binance Collaborates With Delhi Police To Shut Down Major Cryptocurrency Scam
Summary: The cryptocurrency exchange, Binance, announced its collaboration with the Delhi police in taking down a sophisticated scam conducted by M/s Goldcoat Solar. Several arrests have been made and more than 100,000 USDT worth of crypto assets seized. This marks another successful partnership between public and private entities in India.
Key Facts:
* Delphi Police busted a “sophisticated scam” run by an entity called “M/s Goldcoat Solar”.
* Arrests were made and over 100,000 USDT worth of cryptocurrencies were confiscated.
* The scammers used multiple fraudulent SIM cards to carry out their operations which included laundering funds via bank accounts and converting them into cryptos.
* The exchange was contacted by the police who received vital support from Binance during their investigations including tracking the money trail leading to apprehending the culprits.
This is not the first time such a partnership has occurred in India; just last month, Binance had assisted Indian authorities to bring down a fraudulent online gaming app responsible for stealing over $47 million from users. In this instance too, the exchange’s Financial Intelligence Unit played a pivotal role alongside India’s Enforcement Directorate to expose the larger network supporting this criminal operation resulting in significant arrests of those involved.

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