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• The Delhi Police, with Binance’s support, busted a fraudulent operation posing as a solar energy company, M/s Goldcoat Solar. Over 100,000 USDT in assets were seized, and multiple arrests were made.
• The fraudsters used fake endorsements from government officials and dignitaries to mislead investors, funneled money through various accounts, and converted funds into cryptocurrency to evade detection.

The Delhi Police, in collaboration with cryptocurrency exchange Binance, has successfully dismantled a major solar energy fraud orchestrated by a fake entity, M/s Goldcoat Solar. The fraudulent scheme targeted unsuspecting investors by falsely claiming to be part of India’s ambitious solar energy expansion plan, which aims to increase the country’s solar capacity to 450 gigawatts by 2030.

M/s Goldcoat Solar misled investors by promoting itself as a legitimate participant in this national project, allegedly endorsed by the Ministry of Power. The fraudsters used social media and other platforms to lure people into investing with promises of high returns, deceiving many into believing they were supporting a government-backed initiative.

According to Binance, the operation resulted in the arrest of several individuals and the seizure of more than 100,000 USDT in cryptocurrency assets. The perpetrators also impersonated government officials and high-ranking dignitaries to add credibility to their scheme. Victims were shown fabricated proof of earnings from previous “investors,” further bolstering the scam‘s legitimacy.

To evade detection, the syndicate funneled money through multiple bank accounts, with part of the funds converted into cryptocurrency. This complex financial network made it challenging for investigators to track the funds. However, the joint efforts of the Delhi Police and Binance proved successful in exposing the fraud.

Jarek Jakubcek, Binance’s Head of Law Enforcement Training, emphasized the importance of public-private partnerships in tackling such crimes. “Binance has been conducting sharing sessions with global law enforcement agencies, and this case highlights the positive outcomes of these collaborations,” he said.

This bust follows Binance’s recent re-entry into India after registering as a reporting entity with the Financial Intelligence Unit (FIU) in August, ensuring compliance with the country’s anti-money laundering and tax regulations for virtual digital assets.