Binance, which recently gained FIU approval in India, is collaborating with local law enforcement to investigate crypto-related crimes. In a recent update, Binance announced its involvement with Delhi Police in probing a renewable energy fraud case. As part of this investigation, Rs. 84 lakh (100,000 USDT) has been seized. In a statement issued on October 15, Binance stated that it helped investigators trace funds that the perpetrators had converted into crypto assets, exploiting the privacy and untraceability features of cryptocurrencies.
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 entity misled several individuals into believing they could invest in this national energy plan and earn significant returns.
According to police investigations, the group converted a portion of the funds collected from victims into cryptocurrency. The exact number of victims affected by the scam remains undisclosed.
“Binance was approached by the Delhi Police for investigative assistance during a sharing session conducted in India. Through a series of virtual meetings, Binance provided analytical support, helping investigators follow the money trail,” the exchange has said.
Gadgets360 reached out to Delhi Police for further details on the case, but is still awaiting a response.
This marks the second time in recent months that Binance has emphasised its role in assisting Indian law enforcement in uncovering crypto-related frauds.
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. The funds were reportedly transferred into multiple crypto wallets addresses, which Binance helped the ED identify and trace.
“By connecting with law enforcement agencies, we can provide timely and crucial support in financial investigations, and we will continue to do so to help combat financial crimes,” said Jarek Jakubcek, Head of Law Enforcement Training at Binance.
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, under its new CEO Richard Teng, is now expediating efforts to keep strong links with law enforcement agencies on a global level.
“Binance has been conducting sharing sessions with global law enforcement agencies, and this case highlights the positive outcomes of these collaborations,” Jakubcek noted.
