Delhi Police and Binance collaborate to uncover renewable energy investment scam involving 100,000 USDT

In a significant operation, the Delhi Police, with assistance 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 claiming government backing and promising substantial returns from investments in solar power projects. The operation led to several arrests and the recovery of over 100,000 USDT in digital assets.

The scam revolved around M/s Goldcoat Solar, a fake company that fraudulently presented itself as a contributor to India’s ambitious goal of reaching 450 gigawatts of solar capacity by 2030. Through social media promotions, the group falsely claimed endorsements from high-ranking officials and even fabricated investment earnings to lure unsuspecting victims. By impersonating officials and creating fake documents, the fraudsters built credibility for their scheme, allowing them to convince numerous people to invest.

The investigation by the Delhi Police revealed that the scam was facilitated through the use of multiple SIM cards registered with stolen identities. Many of these SIM cards were circulated internationally, allowing the syndicate to mask their operations across borders. Additionally, a significant portion of the stolen funds was laundered through a series of bank accounts and later converted to cryptocurrency, making the money trail more challenging to follow.

To unravel the complexities of the financial web, the Delhi Police sought help from Binance. Through a series of virtual meetings, Binance provided analytical tools and insights, helping investigators track the movement of digital assets and eventually bring the criminals to justice. Binance’s involvement highlights the critical role that digital asset exchanges can play in supporting 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.”