Indian Police and Binance Expose Major Money Laundering Operation
Binance, the world’s largest cryptocurrency exchange, has teamed up with the Delhi Police to uncover a large-scale money laundering operation tied to a solar energy scam. Through Binance's advanced analytical capabilities, law enforcement was able to trace the flow of laundered funds and identify fake SIM cards used by the perpetrators.
According to Binance, the fraudulent scheme was orchestrated by a fake company called "M/s Goldcoat Solar." This collaborative investigation led to several arrests and the confiscation of over 100,000 USDT. The Delhi Police revealed that the criminal group had been using illegally activated SIM cards, registered under the names of unsuspecting citizens. These SIM cards were distributed widely, with some even being sent overseas to facilitate fraudulent transactions.
The money extracted from the victims was funneled through multiple bank accounts and partially converted into cryptocurrency, making it difficult to trace. Binance joined the investigation following a "training session" in India, offering critical support that helped track the illicit financial movements and apprehend those involved.
Jarek Jakubcek, Binance’s head of law enforcement training, remarked: “Binance regularly conducts training with law enforcement worldwide, and this case showcases the powerful outcomes of such partnerships. Through close collaboration, we can provide timely and crucial assistance in financial investigations, and we remain committed to supporting the fight against financial crime.”
Binance's Ongoing Collaboration with Indian Authorities
This is not the first time Binance has partnered with Indian authorities. Recently, Binance assisted in shutting down a fraudulent gaming app that scammed users out of more than $47.6 million. Binance's Financial Intelligence Unit (FIU) played a crucial role in aiding India’s Economic Offenses Department (ED) in tracking down funds stolen by operators of the Fiewin app. The investigation resulted in the arrest of four key individuals who were central to the fraud.
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