Binance helped Delhi Police break up a scam by “M/s Goldcoat Solar,” leading to multiple arrests and the recovery of over 100,000 USDT in cryptocurrency. The scammers misled people by claiming to be involved in India’s solar energy goals.
The fraudsters falsely claimed to have government approval, convincing victims they could invest in solar energy projects for high returns.
How the Scam Worked
The scam used social media to look like a safe investment. Scammers pretended to be officials and showed fake earnings to gain trust. They utilized fake SIM cards to hide their identities and operated through multiple bank accounts. Some funds were switched to cryptocurrency to complicate tracking.
Binance’s Role in the Investigation
Delhi Police turned to Binance for help tracing the scam’s cryptocurrency funds. Binance provided essential support that led to arrests. They emphasized their commitment to working with law enforcement to tackle financial crimes.
Binance’s Head of Law Enforcement Training noted the importance of these collaborations, which aid in investigating financial misconduct. This case highlights the need for careful consideration before investing in new technologies and illustrates the effectiveness of public-private partnerships in fighting fraud.
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