The Delhi Police, aided by cryptocurrency exchange Binance, have dismantled a complex scam operated by a fraudulent entity known as “M/s Goldcoat Solar.” This operation resulted in multiple arrests and the seizure of over 100,000 USDT in digital assets.
The perpetrators falsely claimed to have obtained rights from the Government of India’s Ministry of Power to contribute to the country’s goal of expanding solar power capacity to 450 gigawatts (GW) by 2030. Under the guise of promoting renewable energy, they misled numerous individuals into believing they could invest in this national initiative for substantial returns.
The scam gained traction primarily through social media, where the fraudsters marketed “M/s Goldcoat Solar” as a legitimate investment opportunity, according to a press release from Binance. They impersonated high-ranking government officials and used the names of prominent dignitaries to lend credibility to their claims. Victims were shown fabricated earnings reports from alleged previous investors, which further entrenched their trust in the scheme.
During the investigation, authorities uncovered that the syndicate utilized multiple SIM cards activated under the identities of unsuspecting individuals. These forged SIM cards were distributed widely, with some sent overseas to facilitate communication and conceal the perpetrators’ identities.
Victims’ funds were channeled through various bank accounts, with a portion converted into cryptocurrency, complicating the investigation process.
The Delhi Police reached out to Binance for assistance during a recent sharing session in India. Through a series of virtual meetings, Binance provided analytical support, enabling investigators to trace the money flow.
“Binance has been conducting sharing sessions with global law enforcement agencies, and this case highlights the positive outcomes of these collaborations,” Binance’s Head of Law Enforcement Training Jarek Jakubcek said. “By connecting with law enforcement agencies, we can provide timely and crucial support in financial investigations and we will continue to do so to help combat financial crimes.”
