Thomas Daniels
Binance and Delhi Police have jointly dismantled a $100,000 scam that exploited India’s renewable energy initiatives to deceive investors. The scam, orchestrated by a fraudulent entity named “M/s Goldcoat Solar,” falsely claimed ties to the Ministry of Power, promising high returns through participation in solar energy expansion projects aimed at achieving 450 gigawatts of capacity by 2030.
According to a report from Inc42, the scheme leveraged social media to build credibility, with scammers impersonating government officials and citing prominent figures to gain investors’ trust. False earnings reports and fabricated claims of past success were used to lure victims, while the perpetrators hid their identities by activating multiple SIM cards under stolen identities, some of which were sent abroad.
The operation involved complex financial movements, with victim funds funneled through various bank accounts and converted into cryptocurrency, including over $100,000 in Tether (USDT). Binance played a key role by providing analytics support to trace these transactions, aiding Delhi Police in their investigation.
This crackdown follows Binance’s recent efforts to comply with Indian regulations, including its registration as a reporting entity with the Financial Intelligence Unit, as the country tightens oversight on unregistered crypto platforms.
