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Binance Helps Bust ₹1.75 Cr Cross-Border Crypto Scam in India
In a major crackdown, Binance and Ahmedabad Cyber Crime Branch have joined hands to expose a massive cross-border crypto scam that has been targeting victims across South and Southeast Asia, worth over ₹1.75 crore ($200,000). This is not the first instance of such a scam, but it highlights the growing threat of “digital arrest” frauds that are becoming increasingly sophisticated.
In this particular case, the scammers used fake legal threats to dupe their victims out of large sums of money. A 90-year-old man from Gujarat lost ₹1.25 crore after being convinced by scammers that he was in a legal trouble. Another victim was lured into going to Nepal with a false job offer and then forced to transfer ₹49 lakh through crypto wallets.
The scammers attempted to launder the stolen funds through cryptocurrency, but Binance’s Financial Intelligence Unit (FIU) proved instrumental in tracking down the money trail. The platform utilized its blockchain tracking capabilities to identify suspicious transactions and provide quick insights to investigators. This collaboration with law enforcement agencies demonstrates how effective global cooperation can be in dismantling cross-border scams.
The case highlights the need for vigilance, especially among the elderly population who may not be aware of such frauds. It also underscores the importance of education on digital security best practices, particularly in the realm of cryptocurrency transactions.
In a statement, Binance South Asia emphasized that every crypto transaction leaves a trace and reiterated its commitment to collaborating with authorities to combat financial crimes. The investigation is ongoing, and further arrests are expected as authorities continue to uncover more of the global scam network.
This bust highlights the need for strong coordination between police and cryptocurrency platforms in the fight against cybercrime.
Source: coinpedia.org
