Cryptocurrency

Read

WazirX

Binance and the Delhi Police have dismantled a $100,000 scam, which misled investors with false claims tied to India’s renewable energy initiatives. 
Cryptocurrency exchange <a href="https://crypto.news/tag/binance/" target="_blank">Binance</a> has teamed up with <a rel="" href="https://crypto.news/tag/india/">Indian</a> police to bust a sophisticated scam involving a fraudulent entity dubbed “M/s Goldcoat Solar.” The operation, which falsely claimed ties to India’s renewable energy initiatives, resulted in multiple arrests and the seizure of over $100,000 in Tether’s (<a href="https://crypto.news/price/tether/" target="_blank">USDT</a>) stablecoin, per an Inc42 <a href="https://inc42.com/buzz/delhi-police-binance-join-hands-to-bust-renewable-energy-scam/" target="_blank" rel="nofollow">report</a> on Tuesday, Oct. 15. 
The scam centered on deceptive claims that the had received rights from the Ministry of Power to help India expand its solar power capacity to 450 gigawatts by 2030. Promising high returns, the scheme attracted numerous investors by falsely aligning itself with the nation’s renewable energy <a href="https://economictimes.indiatimes.com/industry/renewables/india-eyes-500-gw-renewable-power-by-2030/articleshow/114242361.cms?from=mdr" target="_blank" rel="nofollow">goals</a>. Binance reported that the fraud gained momentum on social media, where scammers impersonated high-ranking officials and used the names of prominent dignitaries to bolster credibility. 
 You might also like: <a rel="" href="https://crypto.news/thousands-of-indians-trapped-in-southeast-asias-crypto-fraud-rings/"> Thousands of Indians trapped in Southeast Asia’s crypto fraud rings </a> 
Victims were deceived by fake earnings reports, allegedly from previous investors, which the syndicate used to build trust in the scheme, while investigators discovered that multiple SIM cards had been activated under the identities of unsuspecting individuals to conceal the perpetrators’ true identities. Some of these SIM cards were even sent overseas, adding complexity to the investigation, the report reads. 
Funds from victims were funneled through various bank accounts, with some converted into crypto, further complicating tracing efforts. Binance assisted Delhi Police by providing analytical support, helping investigators track the financial transactions involved, the report reads. 
This development follows Binance’s <a href="https://crypto.news/binance-completes-registration-with-indias-financial-intel/" target="_blank">recent</a> re-entry into India, where it registered as a reporting entity with the Financial Intelligence Unit as part of ongoing efforts to comply with local regulations amid a crackdown on unregistered crypto platforms. 
 Read more: <a rel="" href="https://crypto.news/indias-officials-probe-crypto-exchange-wazirx-over-235m-hack-report/"> India’s officials probe crypto exchange WazirX over $235m hack: report </a>

Binance, Indian police bust renewable energy scam, seize $100,000 in USDT

crypto.news

Other articles published on Oct 15, 2024

Weekly Article Recap: 9/30-10/04

DIFC Courts Launches New Suite of Digital Services at GITEX Global 2024, including Digital Assets...

VanEck Expands into Venture Capital with $30M Fund for Fintech, Blockchain, and AI

Visa Introduces Tokenized Asset Platform for Fiat-Backed Tokens

ZachXBT vs. Murad Mahmudov: Doxxing Debate Shakes Crypto Twitter

XRP Price Up as Ripple ETF Starts; Ethereum Token Set for $10 by 2025

Join our free newsletter for daily crypto updates!