Binance has assisted Delhi Police in successfully cracking down a scam operated by a fraudulent entity called “M/s Goldcoat Solar.” The operation led to the arrest of multiple individuals and the seizure of over 100,000 USDT in cryptocurrency assets. In a release, the world’s largest crypto platform noted that these scammers falsely claimed to have secured rights from the Ministry of Power, to contribute to India’s plan to expand solar power capacity to 450 gigawatts (GW) by 2030, all under the guise of supporting the country’s renewable energy efforts.Binance claimed that the scheme deceived several users into believing they could invest in the national energy plan and earn substantial returns.
How these scammers trapped users
The scam gained traction through social media platforms, where the scammers promoted “M/s Goldcoat Solar” as a legitimate investment opportunity. They impersonated high-level government officials, and even used the names of high dignitaries, to falsely endorse the scheme. Victims were shown fabricated proofs of earnings, allegedly from earlier investors, to legitimise the scheme and build trust
During the investigation, the Delhi Police discovered that the scammers had been using multiple SIM cards, which were activated using the identities of innocent individuals. These fake SIM cards were distributed in bulk while some were being sent overseas to facilitate scams through communication channels. The scam relied heavily on the widespread use of these SIM cards obtained with fake documents for the scammers to hide their identities.
The scammers funnelled money deposited by the victims through various bank accounts, with a portion of the funds being converted into cryptocurrency which added further challenges to investigators.
What Binance said about the scam
Delhi Police asked Binance to assist them with the investigation during a sharing session. Through a series of virtual meetings, Binance provided analytical support, helping investigators follow the money trail.
Jarek Jakubcek, Head of Law Enforcement Training at Binance, said: “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.”
