Indian Police Crush ‘Goldcoat Solar’ Fraud — Binance Aids in Crypto Seizure

Indian police, with support from crypto exchange Binance, have dismantled a fraudulent scheme run by M/s Goldcoat Solar, which posed as part of a national solar energy initiative. The criminals lured investors by impersonating officials and promising high returns. Multiple arrests were made, and cryptocurrency assets were seized as part of the operation to shut down the elaborate scam.

Delhi Police and Binance Collaborate to Bust Major Solar Energy Fraud

The Delhi Police, with support from crypto exchange Binance, successfully dismantled a fraudulent operation led by M/s Goldcoat Solar, a fake entity posing as a legitimate solar energy company. The scheme lured investors by falsely claiming to have secured rights from the Government of India, Ministry of Power, to participate in the country’s plan to expand solar energy capacity to 450 gigawatts by 2030. The perpetrators promoted M/s Goldcoat Solar as part of a national energy project, tricking individuals into investing.

According to Binance:

The operation led to the arrest of multiple individuals and the seizure of over 100,000 USDT in cryptocurrency assets.

The fraudsters behind M/s Goldcoat Solar used social media to advance their scheme, misleading investors with promises of high returns. As Binance stated, “The elaborate scheme deceived numerous individuals into believing they could invest in the national energy plan and earn substantial returns.”

The criminals impersonated government officials and even used the names of dignitaries to add legitimacy to their claims. Binance explained, “The fraudsters impersonated high-level government officials, and even used the names of high dignitaries, to falsely endorse the scheme. Victims were shown fabricated proofs of earnings, allegedly from earlier investors, to legitimize the scheme and build trust.”

The fraudulent entity used various methods to conceal its activities, including funneling money through different bank accounts and converting some funds into cryptocurrency. Binance highlighted:

As part of their fraudulent scheme, the syndicate funneled money deposited by victims through various bank accounts, with a portion of the funds being converted into cryptocurrency, adding further challenges to investigators.

Binance’s Head of Law Enforcement Training, Jarek Jakubcek, pointed out that the case shows the importance of public-private partnerships, saying, “Binance has been conducting sharing sessions with global law enforcement agencies, and this case highlights the positive outcomes of these collaborations.”

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