- Scammers impersonated high-ranking officials to get investors to invest their money
- They claimed they had the rights from India’s Ministry of Power to help the country grow its solar power by 450 gigawatts
- Delhi Police sought help from crypto exchange Binance to follow crypto financial transactions
Crypto exchange Binance and the Delhi Police have successfully taken down a scam that saw fraudsters impersonating a government-backed solar power program, seizing $100,000 worth of Tether.
Promoting the company under the name M/s Goldcoat Solar, the criminals claimed to have the rights from India’s Ministry of Power to help the country expand its solar power by 450 gigawatts by 2030.
According to Binance, the scam gained momentum online after the fraudsters impersonated high-ranking officials and showed fake proof of earnings from alleged investors. Promising high returns, investors were quick to get on board.
The scammers allegedly used SIM cards using the forged details of victims, helping to conceal the identities of the criminals. Money sent by the victims was processed through several banks with some of that converted into Tether.
To uncover the trail and track down the suspects, Delhi Police sought Binance’s expertise. The crypto exchange assisted by providing analytical support, helping the police track financial transactions.
“Binance has been conducting sharing sessions with global law enforcement agencies, and this case highlights the positive outcomes of these collaborations,” said Jarek Jakubcek, Head of Law Enforcement Training at Binance.
“By connecting with law enforcement agencies, we can provide timely and crucial support in financial investigations and we will continue to do so to help combat financial crimes.”
As a result of the collaboration, Delhi Police made several arrests and seized $100,000 in Tether.
The news comes months after Binance re-entered India following the completion of its registration with India’s Financial Intelligence Unit (FIU-IND). With this registration, Binance’s website and app are fully available to users in India.
The FIU-IND registration ensures that Binance complies with the Prevention of Money Laundering Act (PMLA) and the Virtual Digital Assets (VDA) taxation framework.