In a historic operation, the Delhi Police, with assistance from cryptocurrency exchange Binance, successfully dismantled a large-scale renewable energy scam conducted by the phony company M/s Goldcoat Solar. This intricate swindle fooled numerous investors by claiming government support and promising big profits on investments in solar power facilities. The operation resulted in many arrests and the recovery of nearly $100,000 in digital assets.
The scam was based on M/s Goldcoat Solar, a fictional company that falsely portrayed itself as contributing to India’s ambitious goal of 450 gigawatts of solar capacity by 2030. To attract unsuspecting victims, the group used social media advertising to fraudulently claim backing from high-ranking officials and even manufacture investment earnings. By impersonating officials and producing fraudulent documents,
The Delhi Police investigation revealed that the scam was aided by the use of many SIM cards registered under stolen identities. Many of these SIM cards were distributed globally, allowing the group to conceal its activities across borders. Furthermore, a major percentage of the stolen assets were laundered through a succession of bank accounts before being converted to Bitcoin, complicating the investigation.
To disentangle the financial network, the Delhi Police requested Binance’s assistance. Binance provided analytical tools and insights throughout a series of virtual sessions, supporting investigators in tracking the transfer of digital assets and, ultimately, bringing perpetrators to justice. Binance’s involvement highlights the critical role that digital asset exchanges can play in supporting