Binance, which recently received FIU approval in India, is cooperating with local law enforcement authorities to investigate crypto-related crimes. In a recent update, Binance announced its involvement with the Delhi Police in the investigation into the renewable energy scam case. As part of this investigation, Rs. 84 lakhs (USDT 100,000) was seized. In a statement released on October 15, Binance said it helped investigators trace the funds that the perpetrators converted into crypto assets by leveraging the privacy features and tracking capabilities of cryptocurrencies.
A bogus entity called “M/s Goldcoat Solar” falsely claimed to have received rights from India’s Ministry of Energy 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 some of the funds collected from the victims into cryptocurrency. The exact number of victims affected by the scam remains undisclosed.
“Binance was approached by the Delhi Police for assistance in the investigation during a sharing session that took place in India. Through a series of virtual meetings, Binance provided analytical support, helping investigators follow the money trail,” the exchange said.
Gadgets360 has contacted the Delhi Police for further details on the case but is still awaiting a response.
This is the second time in the past few months that Binance has emphasized its role in helping the Indian police force detect crypto-related fraud.
In September, the exchange said it had helped India’s Enforcement Directorate (ED) crack down on the Fiewin gaming scam that took away $47.6 million (roughly Rs. 400 crore) from its users. The funds were allegedly transferred to multiple crypto wallet addresses, which Binance helped the ED identify and trace.
“By connecting with law enforcement agencies, we can provide timely and critical support in financial investigations, and we will continue to do so to help fight financial crime,” said Jarek Jakubcek, head of law enforcement training at Binance.
Last year, Binance founder and former CEO Changpeng Zhao pleaded guilty to failing to implement adequate anti-money laundering measures on the exchange and to prioritizing the growth of Binance’s business over compliance with US laws. The exchange, under its new CEO Richard Teng, is now stepping up efforts to maintain strong ties with law enforcement agencies globally.
“Binance has been conducting sharing sessions with global law enforcement agencies, and this case highlights the positive results of this cooperation,” Jakubcek noted.