Outlining a significant policing operation against cybercrime, the Delhi Police, with help from Binance, have likely frozen the fraudulent scheme named “M/s Goldcoat Solar.” The operation brought several arrests and more than 100,000 USDT worth of digital assets.
#Binance collaborated with Delhi Police to dismantle a fraudulent scheme, resulting in multiple arrests and the seizure of over 100,000 USDT.We continually collaborate with law enforcement entities globally to disrupt and thwart cybercrime.Read more https://t.co/BTQ5oRiMQJ
— Binance (@binance) October 16, 2024
The Elaborate Solar Investment Fraud
The scheme was put forward under the name “M/s Goldcoat Solar,” a company that pretends to have obtained the rights from the Indian Ministry of Power. They convinced investors by saying that they would earn a fortune because the intended project is meant to provide national solar power to generate 450 GW in the country by 2030.
The scammers relied on fake social media accounts posing as profiles of senior government officials and creating counterfeit endorsements from dignitaries. Investors were provided with falsified proof of previous earnings.
Sophisticated Fraud Techniques Unveiled
The investigation carried out by the Delhi Police revealed the whole extent of the operation. The syndicate, i.e., the cartel, operated on mobile numbers registered in other people’s names. These fraudulent SIM cards were in large quantities, and some were exported to different countries, making tracking the criminals behind the fraud very difficult.
The syndicate funneled the victim’s money through various accounts, and a large part was converted into Bitcoins. This fact that funds were moved through the cryptocurrency to hide the flow went a notch higher, making the tracking process difficult, hence Binance’s cooperation.
Binance’s Active Participation in the Probe
Binance, a leading cryptocurrency exchange platform, also extended its support to maintain law and order in the state. By conducting several online conferences with Binance, analytical data was provided to track funds in the blockchain. Similarly, by involving the police in the work, scammers were caught and arrested as the cooperation aimed to identify the fraudsters.
The Binance’s Head of Law Enforcement Training, Jarek Jakubcek, emphasized the importance of working and cooperating with law enforcement agencies.
Such an operation is a clear indication that there is a need for both government and private organizations to come up with concerted efforts to fight cybercrime, especially in the area of cryptocurrency. The partnership between Binance and the Delhi Police perfectly illustrates how exchanges can help with deep financial inquiries to guarantee that criminals will be punished.