Cryptocurrency exchange Binance has collaborated with the Delhi Police in India to dismantle a fraudulent scheme orchestrated by an entity called M/s Goldcoat Solar. As a result of the crackdown, several individuals have been arrested and over 100,000 USDT in crypto assets have been confiscated. The investigation revealed that the syndicate used fake SIM cards and laundered funds through various bank accounts, some of which were converted to cryptocurrency. Binance provided crucial analytical support to trace the money trail and assist in apprehending the perpetrators. This collaboration demonstrates the positive outcomes of partnerships between law enforcement agencies and private entities in combating financial crimes. This is not the first time Binance has assisted Indian authorities in shutting down fraudulent operations, as it helped expose a fraudulent online gaming app that defrauded users of over $47.6 million.



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