New Delhi, Thursday, October 24, 2024 – Binance and the Delhi Police have successfully dismantled a large-scale renewable energy scam in India, seizing over $100,000 in USDT, reports said last week.
The fraudsters, operating under a company called M/s Goldcoat Solar, had allegedly claimed to be authorized by India’s Ministry of Power.
Using India’s goal of expanding its solar energy capacity to 450 gigawatts by 2030 as a cover, the scammers deceived investors by promising high returns on investments in solar projects.
To legitimize their operation, the fraudsters circulated fake reports, showed fabricated testimonials from previous investors, and created an impressive digital presence.
Official sources said that they impersonated as senior government officials on social media platforms, which further boosted their credibility.
Victims were led to believe their investments were part of India’s renewable energy initiatives, only to have their funds funneled into various bank accounts and converted into cryptocurrency, making it difficult for authorities to trace the stolen money.
Binance played a key role in helping investigators track the funds by providing advanced analytical tools to monitor transactions linked to the scam.
This effort marks Binance’s commitment to ensuring safer financial transactions in India, following the company’s re-entry into the Indian market as a registered entity with the Financial Intelligence Unit (FIU).
India ranks fifth globally for cryptocurrency-related complaints, with the renewable energy scam further highlighting the rising trend of crypto-fraud in the country.
