Delhi Police and Binance Collaborate to Combat Major Crypto Scam

In a significant operation, the Delhi Police, with the assistance of Binance, have seized over 100,000 USDT connected to a fraudulent scheme in India.

This operation, which unfolded on October 15, 2024, led to multiple arrests and uncovered a scam disguised as “M/s Goldcoat Solar.”

The perpetrators claimed to have government approval from India’s Ministry of Power to support the nation’s goal of expanding solar power capacity to 450 gigawatts by 2030. This deception drew numerous investors with promises of high returns on what they believed was a legitimate national initiative.

To enhance their credibility, the scammers utilized social media, even posing as government officials and presenting fabricated evidence of earnings to gain victims’ trust. They funneled funds through banks and converted a portion into cryptocurrency, prompting Binance’s involvement to trace the assets.

Jarek Jakubcek from Binance underscored the effectiveness of partnerships between cryptocurrency exchanges and law enforcement agencies, noting that such collaborations can lead to successful outcomes.

This case is part of a troubling rise in cryptocurrency-related fraud in India. Earlier in 2024, a transnational cyber fraud network was dismantled by the Central Bureau of Investigation (CBI) and the FBI, resulting in the arrest of Vishnu Rathi in Mumbai, who allegedly defrauded a U.S. citizen of around ₹3.8 crore.