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Delhi police have arrested several organizers of a cryptocurrency scam called M/s Goldcoat Solar and seized over 100,000 USDT stablecoins from them.
According to prosecutors, the criminals posed as high-ranking Indian officials. They falsely claimed that they were implementing the Indian Ministry of Power’s plan to expand solar power to 450 gigawatts (GW) by 2030. The scammers focused on the development of renewable energy sources. They duped many investors who agreed to invest in the government’s energy plan.
The organizers of M/s Goldcoat Solar distributed ads on social media, calling their scheme a legitimate investment. To gain the trust of investors, the victims were shown fabricated screenshots of the income of previous investors. The fraudsters withdrew the money through banks, with some of the funds converted into cryptocurrency.
The police managed to seize 100,000 USDT from the criminals. Law enforcement was able to track the funds and identify the criminals with the help of the crypto exchange Binance. Jarek Jakubcek, head of law enforcement training at Binance, said the exchange is ready to continue to cooperate with law enforcement in catching the criminals.
According to prosecutors, the criminals posed as high-ranking Indian officials. They falsely claimed that they were implementing the Indian Ministry of Power’s plan to expand solar power to 450 gigawatts (GW) by 2030. The scammers focused on the development of renewable energy sources. They duped many investors who agreed to invest in the government’s energy plan.
The organizers of M/s Goldcoat Solar distributed ads on social media, calling their scheme a legitimate investment. To gain the trust of investors, the victims were shown fabricated screenshots of the income of previous investors. The fraudsters withdrew the money through banks, with some of the funds converted into cryptocurrency.
The police managed to seize 100,000 USDT from the criminals. Law enforcement was able to track the funds and identify the criminals with the help of the crypto exchange Binance. Jarek Jakubcek, head of law enforcement training at Binance, said the exchange is ready to continue to cooperate with law enforcement in catching the criminals.