Binance aided the Delhi Police investigation, that led to the dismantling of a sophisticated scam orchestrated by a fraudulent entity known as “M/s Goldcoat Solar.”
This resulted in several arrests and the confiscation of more than 100,000 USDT in cryptocurrency assets.
Under the pretense of assisting India’s renewable energy initiatives, the culprits falsely claimed to have obtained permission from the Ministry of Power, Government of India, to contribute to the country’s plan to increase solar power capacity to 450 gigawatts (GW) by 2030.
According to an Economic Times report, published on 15 October 2024, “Goldcoat Solar claimed to be a government-authorized company to operate in solar energy, offering big profits on investment.”
??? INDIAN POLICE SHUT DOWN ‘GOLDCOAT SOLAR’ FRAUD WITH BINANCE’S HELP
Indian police, in collaboration with crypto exchange Binance, have dismantled a fraudulent scheme by M/s Goldcoat Solar, which posed as part of a national solar energy initiative.
The scam lured investors… pic.twitter.com/ytlFiQFBX2
— The Ledger Report (@LedgerRPT) October 16, 2024
Scam Using Numerous Fake SIM Cards
The investigation revealed that the syndicate behind the scam was using numerous SIM cards fraudulently activated with the identities of unsuspecting individuals.
The fake SIM cards were distributed on a large scale. In fact, some even sent abroad to facilitate further scams.
The victims’ funds were laundered through various bank accounts and partially converted into cryptocurrency, complicating the investigation process.
Furthermore, the scam lured investors with false promises of high returns and impersonated government officials.
Meanwhile, Binance emphasized the importance of public-private partnerships in tackling such fraud.
Read more: Binance Review (2024) – A Legit and Safe Crypto Exchange?
Binance’s Role In Unveiling Renewable Energy Scam
Binance played a crucial role by providing analytical support to trace the money trail and apprehend the perpetrators.
The exchange was contacted by the Delhi Police during a “sharing session” in India, where they offered vital assistance through virtual meetings.
Jarek Jakubcek, Binance’s Head of Law Enforcement Training, emphasized the importance of such collaborations. He said that connecting with law enforcement agencies allows them to provide timely and crucial support in financial investigations.
However, this is not the first instance of Binance collaborating with Indian authorities.
Recently, Binance’s Financial Intelligence Unit (FIU) assisted India’s Enforcement Directorate (ED) in shutting down a fraudulent online gaming app. Indian authorities dismantled a $48 million crypto scam involving the Fiewin gaming app. This operation was made possible with the cooperation of Binance. The exchange helped trace and freeze the illicit funds associated with the Fiewin app.
Hence, time and again Binance played a crucial role in assisting Indian authorities.
