Crypto Exchange Binance Helps Delhi Police to Uncover Renewable Energy Fraud

Binance, one of the major crypto exchanges, recently received approval from the Financial Intelligence Unit (FIU) in the country. Binance is cooperating with law enforcement agencies in investigating crypto-related crimes. Recently this exchange has helped Delhi Police in investigating the case of fraud related to renewable energy.

Cryptocurrency worth approximately one lakh USDT (approximately Rs 84 lakh) has been seized under this investigation. Binance said in a statement that it had helped investigators trace the funds that the criminals had converted into cryptocurrencies. A fake firm M/s Goldcoat Solar had falsely claimed that it had received rights from the Ministry of Power to increase the capacity of solar power. This firm had deceived many people that they could earn higher returns by investing in it. Police investigation found that a part of this defrauded amount was converted into cryptocurrency.

After this, Delhi Police contacted Binance for cooperation in the investigation. Recently, the Enforcement Directorate (ED) had caught the Fiewin gaming scam of $ 4.75 crore (about Rs 400 crore). Binance had claimed that its intelligence division had helped a lot in exposing this gaming scam. ED had declared it a fraud after detecting suspicious transactions related to the Fiewin gaming platform. Binance had stated that public-private partnership in the fight against financial crimes could increase its contribution to the country’s rapidly growing crypto segment. ED had said in its investigation that Fiewin was offering online gaming and betting under the guise of a legitimate app and was allegedly cheating the users.

In August, the ED had arrested four executives linked to Fiewin in an alleged scam of $4.75 crore (about Rs 400 crore) from users. This amount was laundered through cryptocurrency assets and digital wallets. Binance had said that its intelligence unit had provided important information in this matter, which made it easier to expose this fraud network and trace the funds.