Binance Helps Bust ₹1.75 Cr Cross-Border Crypto Scam in India

Binance and Ahmedabad Cyber Crime Branch recently exposed a major scam network in a joint crackdown. The scam targeted victims across South and Southeast Asia and was worth over $200,000 (₹1.75 crore). The fraud is part of a rising “digital arrest” fraud trend, where fake legal threats are used to target victims. 

“Digital Arrest” Scams on the Rise

One of the cases involved a 90-year-old man from Gujarat, who lost ₹1.25 crore after scammers falsely told him that he was in legal trouble. In another case, a young jobseeker was tricked into going to Nepal with a fake job offer. He was held captive and was forced to move ₹49 lakh through crypto wallets. 

Binance Tracks the Trail

With help from Binance’s Financial Intelligence Unit (FIU), police tracked suspicious wallet activity and found accounts used to move the stolen money. Suspects have been arrested, and the investigation is still ongoing.

A senior officer from Ahmedabad Cyber Crime highlighted that the case shows how advanced cyber scams are becoming and why global cooperation is important.

In a case similar to the 90-year-old Gujarat victim, another man in Ahmedabad was arrested for helping run a ₹22 lakh digital arrest scam. He facilitated the fraud by ‘renting out’ his bank account to move stolen funds, which made it harder to trace the money.

This tactic of “renting” bank accounts is common in such scams and helps criminals hide their tracks. As these frauds often cross borders and move money quickly, fast action and strong coordination between police and crypto platforms are key to stopping them.

In “digital arrest” scams, scammers pretend to be police and scare people into sending money to avoid fake legal trouble.

These scams often cross borders, and the money moves fast, so tracking it needs quick action and tech skills. But unlike cash, crypto leaves a trail. Every transaction is recorded, timestamped, and can be tracked. That’s how Indian authorities were able to trace the stolen USDT in both cases. This is a growing trend and serves as a reminder to stay alert in the hyper-connected world.

Every Crypto Move Leaves a Trace

A regional lead at Binance South Asia official noted that this case proves as an example that when used the right way, blockchain can actually help fight crime. The investigation is still ongoing and more arrests are expected as authorities uncover more of the global scam network.

Binance’s FIU works closely with law enforcement by analyzing suspicious transactions and sharing quick, useful insights. In 2024 alone, Binance responded to over 65,000 law enforcement requests around the world.