Multiple individuals were arrested by Indian police for impersonating a government-backed solar power program that asked for investment in exchange for returns.

With assistance from crypto exchange Binance, the Delhi Police seized $100,000 worth of Tether, the exchange confirmed in a blog post.

The fraudsters claimed to have secured rights from the Indian government’s Ministry of Power to expand the nation’s solar power network.

Saying it was trying to help the country reach its renewable energy goals, the fake company raised funds from individuals who believed they’d receive a share of the firm's profits moving forward. Of course, this was all a lie.

Promoting the company known as “M/s Goldcoat Solar” through social media, the scammers impersonated high-level government figures and showed counterfeit proof-of-earnings from alleged previous investors

Source: Decrypt