Binance aids Indian Police in busting solar power investment scam
Fake business M/s Goldcoat Solar falsely claimed it was backed by India's Ministry of Power
In a recent crypto fraud clampdown, powerhouse centralized exchange Binance worked with the Delhi Police to bust a massive solar power scam in India—with 100,000 USDT seized as a result.
The bogus scheme was set up by a group of fraudsters who pretended to support the renewable energy goals of the country. Several investors found the rationale both alluring and agreeable, which is how the fake company eventually fooled many.
Crypto exchange Binance and Delhi Police have joined forces to dismantle a complex scam orchestrated by a fraudulent entity “M/s Goldcoat Solar”, a scheme which falsely claimed involvement in India’s renewable energy expansion.
— Inc42 (@Inc42) October 15, 2024
A thread🧵: (1/4)
Fake business M/s Goldcoat Solar was behind this alarming fraud. The sham firm falsely claimed that the country's Ministry of Power authorized its operations.
According to news outlet Inc42, the cunning criminals spread falsified reports that showed that earlier investors reaped high yields from the project. Going further, they impersonated respected government officials and well-known individuals to promote the scam. All of these efforts helped foster trust among their audience, eventually convincing unsuspecting individuals to take the investment leap.
To execute their malicious operations, the scammers used several SIM cards that were activated under the names of others. When the syndicate gathered funds, they moved the money through different bank accounts.
They also converted some into crypto. These smart tactics made it difficult for authorities to track the funds and uncover the entire scheme.
In a sharing session, the Delhi Police asked Binance for help. The leading crypto exchange offered analytical support that helped law enforcement authorities track the flow of money, which was crucial to the success of the crackdown.
Binance has been holding sharing sessions with law enforcement agencies all over the world, with this case specifically emphasizing the positive impacts of such partnerships.
Last month, Binance revealed that it helped the country's Enforcement Directorate solve a $47.6 million gaming scam case. By unraveling the sham network and offering vital intelligence for fund tracing, the crypto exchange helped uncover the scam, leading to the arrest of four individuals.
