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Delhi police have arrested several organizers of a fraudulent cryptocurrency scheme called M/s Goldcoat Solar and confiscated over 100,000 USDT stablecoins from them.
According to prosecutors, the criminals posed as high-ranking Indian officials. They falsely claimed to be implementing the Indian Ministry of Energy's program to expand solar energy to 450 gigawatts (GW) by 2030. The scammers focused on the development of renewable energy sources. They deceived a lot of investors who agreed to invest in the state energy plan.
The organizers of M/s Goldcoat Solar distributed ads on social networks, calling their scheme a legitimate investment. To gain the trust of investors, victims were shown fabricated screenshots of the incomes of previous depositors. Fraudsters withdrew the money received through banks, while part of the funds was converted into cryptocurrency.
The police managed to seize 100,000 USDT from the criminals. Law enforcement agencies were able to track the funds and identify the criminals using the Binance crypto exchange. Jarek Jakubcek, head of law enforcement training at Binance, said that the exchange is ready to continue to cooperate with law enforcement officers in catching criminals.
According to prosecutors, the criminals posed as high-ranking Indian officials. They falsely claimed to be implementing the Indian Ministry of Energy's program to expand solar energy to 450 gigawatts (GW) by 2030. The scammers focused on the development of renewable energy sources. They deceived a lot of investors who agreed to invest in the state energy plan.
The organizers of M/s Goldcoat Solar distributed ads on social networks, calling their scheme a legitimate investment. To gain the trust of investors, victims were shown fabricated screenshots of the incomes of previous depositors. Fraudsters withdrew the money received through banks, while part of the funds was converted into cryptocurrency.
The police managed to seize 100,000 USDT from the criminals. Law enforcement agencies were able to track the funds and identify the criminals using the Binance crypto exchange. Jarek Jakubcek, head of law enforcement training at Binance, said that the exchange is ready to continue to cooperate with law enforcement officers in catching criminals.
