Binance Assists Indian Police in Recovering 100,000 USDT from Crypto Scam
In a successful joint operation, the Delhi Police and Binance seized over 100,000 USDT connected to a complex fraud scheme in India. As reported by The Hindu, the operation took place on October 15, 2024, leading to multiple arrests and the exposure of a fraudulent company operating under the name "M/s Goldcoat Solar."
A Solar Power Scheme That Tricked Investors
The scam revolved around a fake renewable energy project, where fraudsters falsely claimed they had exclusive rights from Indiaâs Ministry of Power to participate in the nationâs ambitious goal of expanding solar power capacity to 450 GW by 2030.
By promoting their fraudulent scheme as a national initiative, the scammers lured investors with promises of high returns. Using social media platforms, they pretended to be high-ranking officials and even misused the names of government dignitaries to endorse the investment opportunity.
To make their scam more convincing, they shared fabricated evidence of earnings from supposed previous investors, gaining the trust of new victims and increasing participation in the scheme.
Binance Steps In to Help Recover Crypto Funds
As part of their operation, the fraudsters channeled the stolen money through bank accounts and converted a portion of the funds into cryptocurrency to obfuscate the trail. This effort to launder the money triggered Binanceâs involvement.
Jarek Jakubcek, Binanceâs Head of Law Enforcement Training, emphasized the significance of partnerships between crypto platforms and law enforcement agencies, stating:
"This case demonstrates the positive impact of ongoing collaboration between crypto exchanges and global law enforcement."
A Broader Trend of Crypto-Related Scams
This case is part of a growing series of cryptocurrency frauds in India. Earlier in 2024, the Central Bureau of Investigation (CBI), with assistance from the FBI, dismantled a transnational cyber fraud network. This operation resulted in the arrest of Vishnu Rathi in Mumbai, who had defrauded a U.S. citizen of âč3.8 crore (~USD 453,953) by posing as a tech support agent.
Fraudsters often manipulate victims into transferring money into crypto wallets under their control, making it difficult for victims to recover their funds.
Global Cases: Crypto Fraud Expands to New Frontiers
In a separate but equally alarming case, Hong Kong authorities uncovered a syndicate using deepfake technology to orchestrate a $43 million romance scam. Operating from a 4,000-square-foot industrial facility in Hung Hom, the scammers had been active since late 2023.
The group used AI-driven face-swapping technology, allowing male scammers to impersonate attractive women during video calls. They initiated contact with victims through social media, posing as desirable partners with impressive careers and educational backgrounds. Once trust was established, they introduced fake cryptocurrency investment opportunities and displayed forged trading records to convince victims to transfer funds.
A Cautionary Tale for Investors Worldwide
The collaboration between Binance and Indian authorities reflects the importance of international partnerships in combating crypto fraud. While the operation led to the recovery of 100,000 USDT, it serves as a stark reminder of the increasing sophistication of crypto scams. Investors must stay vigilant, as fraudsters continue to evolve their tactics, exploiting new technologies and social platforms to deceive their victims.
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