CandleFocus Binance, Indian police bust renewable energy scam, seize $100,000 in USDT
2024-10-15
Author: Content Editor
Cryptocurrency exchange Binance has partnered with the Delhi Police to dismantle a scam involving a fraudulent entity called "M/s Goldcoat Solar." The scam, which falsely claimed ties to India's renewable energy initiatives, attracted investors with promises of high returns and involvement in the nation's renewable energy goals. The fraud gained momentum on social media, with scammers impersonating high-ranking officials and using the names of prominent dignitaries. Multiple arrests were made and over $100,000 in Tether's stablecoin was seized. Binance provided analytical support to help track the financial transactions involved. This comes after Binance re-entered the Indian market and registered as a reporting entity with the Financial Intelligence Unit to comply with local regulations.
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