Cryptocurrency exchange Binance and the Delhi Police have jointly dismantled a $100,000 scam that falsely claimed ties to India’s renewable energy initiatives. Fraudsters behind the entity “M/s Goldcoat Solar” misled investors by promising lucrative returns through false claims of government approval to expand India’s solar capacity.

Misuse of Renewable Energy Initiatives

The scam was based on deceptive claims that the fraudulent entity had secured contracts from the Ministry of Power to support India’s target of 450 gigawatts of solar power by 2030. By aligning themselves with the nation’s renewable energy goals, the fraudsters gained credibility, tricking numerous investors.

Social Media Deception and Fake Identities

To build credibility, the fraudsters circulated fake earnings reports, supposedly from earlier investors. They also impersonated high-ranking officials and used the names of prominent dignitaries on social media to gain trust. Investigators uncovered that the perpetrators used multiple SIM cards registered under innocent individuals’ identities, with some cards even sent abroad to evade detection.

Binance’s Support in Tracing Crypto Funds

Binance played a key role in tracking the stolen funds, which were laundered through various bank accounts and converted into cryptocurrency, making them harder to trace. With Binance’s analytical support, investigators were able to follow the money trail, resulting in multiple arrests and the seizure of over $100,000 in Tether (USDT).

This case highlights Binance’s ongoing efforts to work with Indian authorities after its recent registration as a reporting entity under the Financial Intelligence Unit, helping crack down on unregistered crypto platforms and fraudulent schemes.