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The organisation turned some of the money it received from victims into cryptocurrency. Recently approved by the FIU in India, Binance is working with local law enforcement to look into crimes involving cryptocurrency. Binance recently revealed that it is working with Delhi Police to investigate a case of renewable energy fraud. This investigation has resulted in the seizure of Rs. 84 lakh (100,000 USDT). By taking advantage of the privacy and untraceability features of cryptocurrencies, Binance assisted investigators in tracking down money that the criminals had transformed into cryptocurrency assets, according to a statement released on October 15.
A fraudulent entity called “M/s Goldcoat Solar” falsely claimed to have secured rights from India’s Ministry of Power to participate in the country’s goal of expanding solar power capacity to 450 GW by 2030. The organisation deceived a number of people into thinking they could invest in this national energy plan and get substantial returns.
According to police investigations, the group converted a portion of the funds collected from victims into cryptocurrency. The precise number of people who fell victim to the scam is still unknown.
“During a sharing session held in India, the Delhi Police asked Binance for investigative support. According to the exchange, Binance helped investigators track down the money trail by offering analytical support through a series of virtual meetings.
Gadgets360 is still awaiting a response from Delhi Police regarding their request for more information about the case.
Binance has emphasised its role in helping Indian law enforcement uncover cryptocurrency-related frauds for the second time in recent months.
In September, the exchange said that it helped India’s Enforcement Directorate (ED) crack down on the Fiewin gaming scam that had drained $47.6 million (roughly Rs. 400 crore) from its users. Binance assisted the ED in identifying and tracking down the various cryptocurrency wallet addresses into which the funds were purportedly transferred.
“We can provide timely and crucial support in financial investigations by connecting with law enforcement agencies, and we will continue to do so to help combat financial crimes,” stated Jarek Jakubcek, Binance’s Head of Law Enforcement Training.
Last year, Binance founder and former CEO Changpeng Zhao pleaded guilty for failing to deploy adequate anti-money laundering measures on the exchange and for prioritising the growth of Binance’s business over compliance with US laws. The exchange is currently stepping up efforts to maintain close ties with law enforcement organisations worldwide under the leadership of Richard Teng, its new CEO.
“This case demonstrates the beneficial results of the sharing sessions that Binance has been holding with international law enforcement agencies,” Jakubcek said.