Binance, a leading cryptocurrency exchange, has played a significant role in helping Delhi Police crack a major solar scam. The exchange provided crucial analytical support that enabled authorities to trace laundered funds and identify fake SIM cards used in the operation.
The scam, perpetrated by a fraudulent entity known as “M/s Goldcoat Solar,” involved a complex network of activities. The scammers used fake SIM cards, fraudulently activated using stolen identities, to facilitate their operations. These SIM cards were widely distributed, even being sent abroad to expand their reach.
Funds obtained from victims were laundered through multiple bank accounts and a portion was converted into cryptocurrency, making it difficult for authorities to track. Binance’s involvement was instrumental in tracing the money trail and identifying the perpetrators.
The collaboration between Binance and Delhi Police highlights the growing importance of public-private partnerships in combating financial crimes. Binance’s Head of Law Enforcement Training, Jarek Jakubcek, emphasized the positive outcomes of these collaborations and the exchange’s commitment to supporting law enforcement agencies in their investigations.
This is not the first time Binance has assisted Indian authorities in cracking down on financial scams. In a previous incident, the exchange helped India’s Enforcement Directorate (ED) trace funds stolen by the operators of a fraudulent online gaming app.
Binance’s involvement in these cases demonstrates its dedication to combating financial crimes and its willingness to collaborate with law enforcement agencies around the world.