Binance Aids Indian Police to Dismantle $100K Solar Scam

Indian police, with Binance’s support, demolished a scam and seized over 100,000 USDT.
Scammers deceived many, promising substantial returns & convincing the scheme’s authenticity.
Binance previously assisted India’s ED in probing into a fraudulent online gaming platform.

Indian police, in collaboration with Binance, have demolished a sophisticated scam orchestrated by a fraudulent entity called “M/s Goldcoat Solar.” According to Binance’s official blog post on October 15, the probe resulted in multiple arrests and the seizure of over 100,000 USDT. Binance’s assistance in the investigation highlights the significance of public-private alliances to tackle crypto frauds.

As per Binance’s post, the scammers fabricated the scheme, claiming that they secured the Indian Government’s approval to contribute to the country’s solar power expansion plan. Disguised as part of the national energy plan, the scheme deceived many promising substantial returns.

Notably, the scammers promoted the M/s Goldcoat Solar scheme on social media platforms. They impersonated government officials and other dignitaries to falsely endorse the scheme. In addition, they also produced fake earning documents of purported earlier investors to convince the scheme’s authenticity.

The Delhi Police sought Binance’s assistance in the investigation during an information-sharing session in India. Through virtual meetings, Binance provided expert analytical insights that helped unravel the financial trail. Binance’s Head of Law Enforcement Training, Jarek Jakubcek, elaborated on the matter, stating,

Binance has been conducting sharing sessions with global law enforcement agencies, and this case highlights the positive outcomes of these collaborations. By connecting with law enforcement agencies, we can provide timely and crucial support in financial investigations and we will continue to do so to help combat financial crimes.

Binance has a proven track record of assisting Indian authorities in financial crime investigations. In a previous instance, Binance aided India’s Enforcement Directorate (ED) in dismantling a fraudulent online gaming platform, Fiewin. The exchange’s Financial Intelligence Unit (FIU) provided analytical support to the investigation team and tracked the flow of illicit funds. With the help of Binance, the ED arrested four individuals allegedly involved in the $400 crore ($47.6 million) scam.