Binance and Delhi police teamed up to expose a major fraudulent scheme involving a fake solar energy company in India.
Fraud Report
In India, fraudsters created a fake company named 'M/s Goldcoat Solar', claiming approvals from India's Ministry of Power to attract investments.
Fraudsters' Methods
To deceive investors, fraudsters used fake reports, multiple SIM cards under innocent names, and false profiles of senior officials. The obtained funds were moved through different accounts and converted into cryptocurrency.
Binance's Role in Uncovering the Scheme
Binance provided authorities with analytics tools to trace the flow of funds through bank accounts and how they were converted into cryptocurrency, playing a crucial role in uncovering the scheme.
The scheme is part of a growing trend of cryptocurrency frauds in India. Thanks to the combined efforts of Binance and Delhi police, further financial losses have been prevented.