Binance and Delhi Police collaborate to shut down the fraudulent “M/s Goldcoat Solar” scheme.
Scammers misled investors by falsely claiming ties to India’s renewable energy initiatives.
Over $100,000 in USDT was seized during the crackdown.
The Binance crypto exchange teamed up with Delhi Police in the capital region of India, to shut down a complex fraud operation run by “M/s Goldcoat Solar,” which falsely claimed involvement in India’s renewable energy expansion. An X thread by Inc42 reported the crackdown led to multiple arrests and the seizure of over 100,000 USDT in cryptocurrency assets.
Scam Targeted India’s Renewable Energy Goals
The fraudulent scheme operated under the guise of the entity “M/s Goldcoat Solar,” deceiving investors by claiming it had secured rights from India’s Ministry of Power to contribute to the country’s renewable energy expansion.
By falsely aligning itself with India’s goal to increase solar power capacity to 450 gigawatts (GW) by 2030, the scam promised high returns on investments, attracting numerous victims.
The scammers primarily relied on social media platforms to promote their false claims. They impersonat…
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