Binance and the Delhi Police have worked together to shut down a big scam that tricked people into investing in a fake renewable energy company in India.
According to local reports, the scammers set up a fake business called M/s Goldcoat Solar and lied about having approval from India’s Ministry of Power.
They took advantage of India’s plan to increase solar energy capacity to 450 gigawatts by 2030, which helped them gain the trust of many investors. Upon the arrest, law enforcement was able to seize over $100,000 in USDT from these criminals.
This scam also used fake reports to convince potential investors that earlier supporters had made a lot of money.
To avoid getting caught, the scammers used multiple SIM cards registered under the names of innocent people, with some of these cards even sent overseas to make the investigation harder.
The group also made their scam look more real by setting up fake profiles on social media, pretending to be senior government officials. They made it seem like people’s investments were part of a bigger national project to promote renewable energy.
After collecting money from investors, the scammers moved it through different bank accounts and converted some into cryptocurrency, which made it hard for authorities to trace the stolen funds.
However, Binance provided the authorities with advanced analytical tools to help trace the flow of funds as they moved through various bank accounts and how they were converted into cryptocurrency.
This scam is part of a growing number of cryptocurrency-related frauds in India. The country has seen over 840 cases of such scams, with financial losses reaching $44 million.
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