The Criminal Investigation Agency (Bareskrim) in Indonesia, a critical agency within the Police Force, has successfully led a major scam operation in alliance with Binance and Tokocrypto. The support of Binance’s Financial Intelligence Unit (FIU) helped the investigation identify multiple suspects and recover $200,000 in stolen funds.

Uncovering the Fraud

In November 2023, the evidence of fraud related to a digital currency exchange system prompted Bareskrim to launch an investigation. Investigators later discovered that the website was connected with a pig-butching scam.

Authorities detained several people accountable for owning the accounts that held the stolen funds throughout the investigation. Authorities came across 50 mobile phones and multiple crypto wallet addresses. The suspects refused to cooperate when questioned about the cryptocurrency wallets that they assumed ownership of.

The Bareskrim team conducted forensics analysis to identify wallet addresses they believed were under the control of the accused. Their findings were supported by evidence from the suspects’ communication history, particularly on Telegram.

Upon realizing the gravity and international scope of cryptocurrency transactions, Bareskrim sought help from Tokocrypto. Tokocrypto then forwarded the case to Binance’s FIU for further analysis. The combined skills of the diverse teams enhanced the assistance to Binance’s investigators during the operation.

Binance’s FIU and its partners provided extensive support during the initial inquiry. They helped obtain information, freeze assets, and ultimately confiscate funds from the suspects’ accounts. Law enforcement staff have received the seized funds, totaling $200,000.

This is not the first time Binance has partnered with law enforcers to help curb scams and arrest the criminals involved. This has helped boost trust in crypto enthusiasts on the safety of their funds on their platform.