Binance has collaborated with the Delhi Police to successfully bust a sophisticated scam masquerading as 'M/s Goldcoat Solar.'

Solar Scam Busted

The investigation revealed the syndicate's use of numerous SIM cards fraudulently activated with innocent people's identities. These SIM cards were distributed on a large scale, including overseas, to facilitate scams. The victims' funds were laundered through various bank accounts and partially converted into cryptocurrency.

Binance's Role in the Investigation

The Delhi Police contacted Binance during a 'sharing session.' Virtual meetings with Binance provided crucial analytical support, which helped trace the money trail and apprehend the perpetrators.

Previous Collaborations

Previously, Binance assisted Indian authorities in shutting down a fraudulent online gaming app that swindled users out of over $47.6 million. The Binance Financial Intelligence Unit played a key role in helping India's Enforcement Directorate trace stolen funds and expose scheme operators.

The joint efforts of Binance and the Delhi Police have led to the successful busting of a complex scam, highlighting the importance of collaboration between private and public entities in combating financial crime.