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Binance Helps Bust ₹1.75 Cr Cross-Border Crypto Scam in India
In a remarkable joint crackdown with the Ahmedabad Cyber Crime Branch, Binance has played a crucial role in exposing a massive cross-border crypto scam that was worth over $200,000 (₹1.75 crore). This latest development highlights the growing menace of “digital arrest” frauds, where scammers pose as law enforcement officials or government agencies to intimidate victims into sending money.
The scheme’s magnitude is staggering, with over 90-year-old man in Gujarat being duped out of ₹1.25 crore after receiving fake legal threats. In another instance, a young jobseeker was lured to Nepal with the promise of a lucrative job offer only to be held captive and forced to transfer ₹49 lakh through crypto wallets.
The fraudsters attempted to launder the stolen funds through cryptocurrency, but Binance’s Financial Intelligence Unit (FIU) proved to be an invaluable asset in tracing the money trail. By analyzing suspicious transactions and providing valuable insights, Binance aided investigators in tracking down the culprits and making arrests.
This case serves as a stark reminder of the importance of global cooperation between law enforcement agencies and crypto platforms in combating cybercrime. The Ahmedabad Cyber Crime Branch has commended Binance for their support in dismantling this cross-border scam, which highlights the need for swift action and coordination in these cases.
It’s worth noting that this tactic of “renting” out bank accounts is a common technique used by fraudsters to hide their tracks. In digital arrest scams, funds are often transferred through crypto wallets or fake bank accounts to conceal their origin. This growing trend demands increased vigilance from the public and awareness campaigns to educate people about these types of schemes.
Binance’s FIU has been actively working with law enforcement agencies worldwide, responding to over 65,000 requests in 2024 alone. This collaboration demonstrates the company’s commitment to using its blockchain capabilities to fight crime and protect users’ assets.
As investigations continue, more arrests are expected as authorities unravel the global network behind this scam.
Source: coinpedia.org
