Crypto alternate binance is helping delhi police to discover renewable power fraud

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

Under this investigation, a cryptocurrency of about one lakh USDT (about 84 lakh rupees) has been seized. Binance stated in a statement that it has helped investigators find the funds that criminals had converted to cryptocurrency. A fake firm M/s Goldcoat Sun had falsely claimed that it has received rights to increase the capacity of solar power from the Ministry of Power. This firm had prevented many people that they can invest more returns by investing in it. Police investigation found that a part of this amount of cheating was converted to cryptocurrency.

After this, Delhi Police contacted Binance for cooperation in the investigation. Recently, the Enforcement Directorate (ED) caught a Facebook scam of $ 4.75 million (about Rs 400 crore). Binance claimed that its intelligence division had greatly helped in revealing this gaming scam. The ED called it fraud after catching suspected transactions associated with the Fiewin Gaming Platform. Binance had reported that public-private participation in the fight against financial crimes could increase its contribution to the country’s rapid emerging crypto segment. The ED had said in its investigation that Fiewin is offering online gaming and betting under the guise of a valid app and allegedly fraud with users.

In August, the ED had allegedly arrested four executives associated with Fiewin in a scam of $ 4.75 million (about Rs 400 crore) from users. The amount was launched through cryptocurrency assets and digital wallets. Binance had reported that its intelligence unit had provided important information in the matter which made it easier to disclose this fraud network and detect funds.