Binance Assists Delhi Police in the Recovery of 100,000 USDT from an Investment Scam

The Delhi Police, in collaboration with cryptocurrency exchange Binance, successfully dismantled a large-scale renewable energy scam orchestrated by M/s Goldcoat Solar. This fraudulent entity deceived numerous investors by falsely claiming government backing and promising high returns from investments in solar power projects. The operation led to multiple arrests and the recovery of over 100,000 USDT in digital assets.

M/s Goldcoat Solar positioned itself as a key player in Indias renewable energy sector, falsely claiming to contribute to the country's goal of achieving 450 gigawatts of solar capacity by 2030. Through aggressive social media campaigns, the group fabricated endorsements from high-ranking officials and presented fake investment returns to gain credibility and attract unsuspecting investors.

The investigation revealed that the scam was facilitated through multiple SIM cards registered with stolen identities, many of which were circulated internationally. These methods allowed the syndicate to operate across borders and evade detection. A significant portion of the defrauded funds was laundered through a series of bank accounts before being converted into cryptocurrency, further complicating efforts to trace the stolen money.

To navigate the complexities of the financial web, the Delhi Police enlisted the help of Binance. Through a series of virtual meetings, Binance provided advanced analytical tools and insights, enabling investigators to track the movement of digital assets. This collaboration proved crucial in identifying the perpetrators and tracing the stolen funds.

Binance‘s involvement underscored the importance of cooperation between public and private entities in tackling financial crime. The company’s law enforcement training head noted that working closely with agencies like the Delhi Police allows digital asset exchanges to provide timely support in combating fraudulent activities and protecting individuals from financial scams.