In a significant operation, the Delhi Police, with support from cryptocurrency exchange Binance, successfully dismantled a large-scale renewable energy scam orchestrated by the fraudulent entity M/s Goldcoat Solar. This elaborate scheme deceived numerous investors by falsely claiming government backing and promising substantial returns on investments in solar power projects. The operation resulted in several arrests and the recovery of over 100,000 USDT in digital assets.
The scam centered around M/s Goldcoat Solar, a fictitious company that misrepresented itself as a key player in India’s ambitious goal of achieving 450 gigawatts of solar capacity by 2030. Through aggressive social media promotions, the group falsely claimed endorsements from high-ranking officials and fabricated investment earnings to attract unsuspecting victims. By impersonating officials and creating fake documents, the fraudsters built a facade of credibility that convinced many to invest.
Investigations revealed that the scam was facilitated using multiple SIM cards registered under stolen identities. Many of these SIM cards were circulated internationally, allowing the syndicate to obscure their operations across borders. Additionally, a significant portion of the stolen funds was laundered through various bank accounts and converted to cryptocurrency, complicating the money trail.
To navigate the complexities of the financial web, the Delhi Police collaborated with Binance. Through a series of virtual meetings, Binance provided analytical tools and insights, enabling investigators to track the movement of digital assets and ultimately bring the criminals to justice. Binance’s involvement underscores the crucial role that digital asset exchanges can play in assisting law enforcement in financial investigations.
“This case demonstrates the power of collaboration between public and private entities in tackling financial crimes,” said Jarek Jakubcek, Head of Law Enforcement Training at Binance. “By working with law enforcement agencies like the Delhi Police, we can provide timely support to combat fraudulent activities and help protect individuals from financial scams.”
