In a significant breakthrough against financial fraud, Binance has collaborated with the Delhi Police to dismantle a sophisticated scam orchestrated by the fraudulent entity known as “M/s Goldcoat Solar.” This operation led to the arrest of multiple individuals and the seizure of over 100,000 USDT in cryptocurrency assets.
The perpetrators of the scam falsely claimed to have secured rights from the Government of India, Ministry of Power, to contribute to India’s plan of expanding solar power capacity to 450 gigawatts (GW) by 2030. Under the guise of supporting the country’s renewable energy efforts, they deceived numerous individuals into investing in the national energy plan with promises of substantial returns.
Fraudulent Claims and Social Media Deception
The scam gained traction through social media platforms, where the fraudsters promoted “M/s Goldcoat Solar” as a legitimate investment opportunity. Impersonating high-level government officials and using the names of dignitaries, they falsely endorsed the scheme. Victims were shown fabricated proofs of earnings from supposed earlier investors to legitimize the scheme and build trust.
During the investigation, the Delhi Police discovered that the syndicate used multiple SIM cards, activated using the identities of innocent individuals. These forged SIM cards were distributed in bulk, with some being sent overseas to facilitate scams through communication channels.
Binance’s Role in the Investigation
Binance was approached by the Delhi Police for investigative assistance during a sharing session conducted in India. Through a series of virtual meetings, Binance provided analytical support, helping investigators follow the money trail. This cooperation was instrumental in bringing the fraudsters to justice.
Jarek Jakubcek, Head of Law Enforcement Training at Binance, stated, “Binance has been conducting sharing sessions with global law enforcement agencies, and this case highlights the positive outcomes of these collaborations. By connecting with law enforcement agencies, we can provide timely and crucial support in financial investigations and we will continue to do so to help combat financial crimes.”
This case underscores the importance of public-private partnerships in tackling financial crimes, particularly those involving cryptocurrency. Through successful cooperation with the Delhi Police, Binance demonstrated how providing expertise and information can help bring fraudsters to justice. It also highlights the growing role digital asset exchanges play in assisting financial investigations, where timely cooperation can be the key to unraveling complex schemes.
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