Indian authorities, with support from crypto exchange Binance, have taken down a major scam involving M/s Goldcoat Solar, a fraudulent entity posing as part of India’s national solar energy initiative. The criminals behind the scheme lured investors by impersonating government officials and promising high returns, tricking victims into believing they were supporting a legitimate renewable energy project. Multiple arrests have been made, and cryptocurrency assets exceeding 100,000 USDT were seized during the operation.
How the Scam Operated
The fraudsters at M/s Goldcoat Solar falsely claimed to have secured contracts from India’s Ministry of Power, asserting they were aligned with the government’s plan to expand solar energy capacity to 450 gigawatts by 2030. They promoted the scheme as an opportunity for individuals to invest in a national energy initiative and promised generous returns to attract funds.
The criminals further enhanced the scam’s credibility by impersonating high-ranking officials and using the names of well-known dignitaries. Victims were even shown fabricated investment proofs to build trust and encourage participation. Social media platforms played a key role in advancing the scheme and attracting investors.
Money Laundering and Cryptocurrency Use
To conceal their fraudulent activities, the perpetrators funneled funds through multiple bank accounts. A significant portion of these stolen funds was converted into cryptocurrency, making it harder for investigators to track the transactions. Binance’s involvement in the investigation proved critical, as the exchange helped trace and seize the crypto assets used by the scammers.
Public-Private Collaboration Key to Success
Binance’s Head of Law Enforcement Training, Jarek Jakubcek, emphasized the importance of public-private cooperation in tackling such complex frauds. “This case highlights the positive outcomes of collaborations between law enforcement and private-sector companies,” Jakubcek stated, noting that Binance regularly engages with law enforcement agencies through training and information-sharing sessions.
