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Delhi Police and Binance dismantled a renewable energy scam involving 100,000 USDT, orchestrated by M/s Goldcoat Solar.
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The scammer falsely claimed government endorsements and promised substantial returns on solar power investments.
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Binance’s analytical tools helped Delhi Police track digital assets and arrest the scammers.
The Delhi Police, in collaboration with cryptocurrency exchange Binance, has successfully busted a large-scale renewable energy scam. The scam, orchestrated by M/s Goldcoat Solar, deceived numerous investors by falsely claiming government backing and promising substantial returns on investments in solar power projects ¹ ² ³. The operation led to several arrests and the recovery of over 100,000 USDT in digital assets.
The scammers used social media promotions, fake endorsements from high-ranking officials, and fabricated investment earnings to lure victims. They also impersonated officials and created fake documents to build credibility. The investigation revealed that the scam was facilitated through multiple SIM cards registered with stolen identities and laundered through bank accounts and cryptocurrency.
Binance’s involvement was crucial in unraveling the financial web. Through virtual meetings, Binance provided analytical tools and insights, helping investigators track the movement of digital assets and bring the criminals to justice. “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 ¹.
