Binance revealed collaborating with the Delhi Police to take down a “sophisticated scam” orchestrated by a fraudulent entity known as “M/s Goldcoat Solar.”
According to the press release shared with CryptoPotato, the crackdown resulted in several arrests and the confiscation of more than 100,000 USDT in crypto assets.
Solar Scam Busted
As part of the investigation, the Delhi Police uncovered that the syndicate had been using numerous SIM cards, fraudulently activated with the identities of innocent people. These fake SIM cards were distributed on a large scale, with some even sent abroad to facilitate scams.
Meanwhile, the funds deposited by victims were laundered through various bank accounts. A portion of these funds were also being converted to cryptocurrency, making the investigation more difficult.
The exchange was contacted by the Delhi Police during a “sharing session” in the country, and through…
