Binance, the largest cryptocurrency #exchange , has helped the #DelhiPolice uncover a large-scale solar energy fraud. Thanks to the exchange's analytical support, they were able to track the money laundering and identify the fake SIM cards used by the criminals.

According to information provided by Binance, the company worked with law enforcement agencies in India to dismantle a “sophisticated fraud scheme” organized by a fictitious company “M/s Goldcoat Solar”. The operation resulted in arrests and the seizure of over 100,000 #USDT。

During investigation, the Delhi Police found that the crime syndicate was using many SIM cards illegally activated in the names of innocent citizens. These fake SIM cards were distributed in large quantities, some were even sent abroad to carry out fraudulent #transactions .

The funds received from the victims were laundered through various bank accounts. Some of the money was also converted into cryptocurrency, complicating the investigation.

Binance was brought into the case during a “training session” in India. The exchange provided important analytical support that helped track the flow of funds and apprehend the criminals.

Jarek Jakubcek, head of law enforcement training at Binance, commented: “Binance conducts training sessions with law enforcement agencies around the world, and this case highlights the positive results of such cooperation. By engaging with law enforcement, we can provide timely and important support to financial investigations, and we will continue to do so to help fight financial crime.”

Previous experience of Binance's cooperation with Indian authorities

This is not the first time private and public entities have collaborated in India. Binance recently helped Indian authorities shut down a fraudulent gaming app that defrauded users of more than $47.6 million.

Binance's Financial Intelligence Unit (FIU) played a key role last month in helping India's Economic Offenses Department (ED) track down funds stolen by the operators of the Fiewin app and uncover the network behind the scheme. As a result, four key players involved in organizing the fraud and collaborating with Fiewin app operators were arrested.

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