As a seasoned crypto investor who has navigated through the digital jungle for over a decade, witnessing such collaborations between public and private entities like Binance and law enforcement agencies brings a sense of relief and renewed confidence. My personal experience has been fraught with scams, hacks, and fraudulent activities that have cost me dearly at times. However, seeing the proactive approach taken by Binance in assisting Indian authorities in cracking down on these sophisticated scams gives me hope that justice will prevail and our hard-earned crypto assets will be safeguarded.
Binance revealed collaborating with the Delhi Police to take down a “sophisticated scam” orchestrated by a fraudulent entity known as “M/s Goldcoat Solar.”
As reported in a press release obtained by CryptoPotato, the enforcement action led to multiple arrests and the seizure of over 100,000 USD Tether (USDT) in cryptocurrency holdings.
Solar Scam Busted
During their inquiry, it was discovered by the Delhi Police that the criminal network was exploiting multiple SIM cards. These cards had been deceitfully activated using the identities of unsuspecting individuals. These fraudulent SIM cards were then distributed on a vast scale, with some even being sent overseas to aid in various fraudulent activities.
In the process, the money deposited by victims was cleaned up by moving it through multiple bank accounts. Additionally, some of this money was transformed into cryptocurrencies, making the inquiry more challenging.
During a collaborative discussion with Delhi Police in the nation, the exchange received communication from them. Through video conferences, they offered essential analytical assistance which significantly contributed to uncovering the financial transactions and apprehending the culprits.
Commenting on the development, Binance’s Head of Law Enforcement Training, Jarek Jakubcek, said,
Binance regularly holds discussions with international law enforcement units worldwide, as demonstrated by this situation. These partnerships yield beneficial results, such as offering immediate and essential assistance during financial probes. We plan to persist in these collaborations to aid in the fight against financial misconduct.
Binance FIU Assists India’s ED
It’s worth noting that this isn’t an unprecedented situation, as partnerships between public and private sectors are not uncommon within the country. Not long ago, Binance helped Indian authorities close down a deceptive online gaming platform that allegedly defrauded its users of approximately $47.6 million.
Based on an article from CryptoPotato, the Binance Financial Intelligence Unit (FIU) was instrumental last month in helping India’s Enforcement Directorate (ED) trace the funds that were stolen by the operators of the Fiewin app and uncovering a wider network linked to the scam. This led to the arrest of four significant individuals who had been assisting the Fiewin app operators in carrying out the fraud.
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2024-10-21 06:56