Binance helped Delhi Police take down a scam by “M/s Goldcoat Solar,” resulting in arrests and the seizure of over 100,000 USDT in crypto. The scammers tricked people by falsely claiming they were part of India’s solar energy initiatives.
They convinced victims to invest in fake government solar projects, claiming fake approvals from the Ministry of Power.
How the Scam Worked
The scam was promoted on social media as a legitimate investment. Scammers posed as government officials and used fake endorsements to gain trust.
They presented fake earnings from earlier investors to create an illusion of credibility. Further investigation revealed they used fake identities to obtain SIM cards for anonymity.
Victims deposited money into scam-controlled bank accounts, with some funds converted into cryptocurrency to cover their tracks.
Binance’s Role in the Investigation
Delhi Police worked with Binance to trace the stolen funds converted into cryptocurrency. Binance provided key support that helped lead to arrests.
Jarek Jakubcek from Binance highlighted the importance of collaboration with law enforcement to tackle financial crimes.
This case emphasizes the need for caution in investments, especially in cryptocurrencies, and showcases the value of public-private partnerships in fighting fraud.
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