- Delhi Police, with support from Binance, has dismantled a sophisticated scam led by a fraudulent entity called “M/s Goldcoat Solar”
- Over 100,000 USDT in cryptocurrency has been seized, and multiple arrests have been made
- The perpetrators falsely claimed to be part of India’s renewable energy plans, deceiving investors into believing they were supporting a government-backed initiative
Delhi Police, working closely with Binance, has taken down a complex scam involving fraudulent claims linked to India’s renewable energy sector. The scam was operated by “M/s Goldcoat Solar,” which falsely advertised itself as having secured rights from the Ministry of Power. Investors were misled into believing they were contributing to India’s ambitious goal of expanding solar power while expecting significant returns on their investments.
Scammers Spread Message Via Social Media
A blog post from Binance revealed the extent of the scam, which saw Indian police seize $100,000 in USDT from the operators. The Goldcoat Solar scheme gained momentum through social media, where fraudsters used the names of high-ranking officials to lend credibility to their operation. Promoting the scheme as part of India’s goal to achieve 450 gigawatts of solar power by 2030, the perpetrators targeted individuals eager to invest in renewable energy.
Victims were presented with fabricated earnings statements from supposed past investors to further legitimize the scam and convince them of its legitimacy. Delhi Police revealed that the fraudsters relied on a network of forged SIM cards, registered using the identities of innocent individuals.
These cards were distributed both domestically and internationally to help conceal the identities of the criminals behind the scam. A portion of the stolen funds was funneled through various bank accounts and converted into cryptocurrency, further complicating the investigation.
Binance Involvement Critical
Binance’s involvement was critical in cracking the case. The cryptocurrency exchange worked with the police through a series of virtual meetings, providing analytical support that allowed authorities to trace the flow of money. Jarek Jakubcek, Binance’s Head of Law Enforcement Training, emphasized the importance of such collaborations, saying, “This case shows how public-private partnerships can yield positive results in fighting financial crimes.”
This case highlights the growing role digital asset exchanges like Binance play in aiding financial investigations, showcasing how timely cooperation can help unravel complex criminal schemes.
