Indian police, with the assistance of Binance, have dismantled a large-scale money laundering operation connected to a fraudulent solar energy scheme. The scheme, organized by the fictitious company "M/s Goldcoat Solar," utilized fake SIM cards illegally activated under the names of innocent citizens to conduct fraudulent transactions. These SIM cards were distributed both within India and internationally, further complicating the tracking of the crime syndicate.
The fraudsters laundered the funds through various bank accounts, with some money being converted into cryptocurrency, adding complexity to the investigation. Binance played a crucial role, offering analytical support after being involved through a law enforcement training session in India. This assistance proved essential in tracing the illicit funds and apprehending the criminals.
Jarek Jakubcek, head of law enforcement training at Binance, highlighted the success of such collaborations, noting that Binance's ongoing cooperation with global law enforcement is a key part of the company's commitment to combat financial crime. The case is a prime example of how private-public partnerships can effectively tackle complex financial frauds.
This isn't the first collaboration between Binance and Indian authorities. The exchange recently aided in shutting down a fraudulent gaming app that defrauded users of over $47.6 million. Binanceâs Financial Intelligence Unit (FIU) was instrumental in helping India's Economic Offenses Department (ED) trace stolen funds and arrest key players involved in the scheme.
Binanceâs active role in assisting Indian law enforcement underscores the importance of coordinated efforts in the fight against financial crime. #BinanceLabsInvestsLombard 
