The cryptocurrency exchange Binance and the Delhi Police have uncovered a fraudulent scheme called "M/s Goldcoat Solar," involving false claims of supporting India's renewable energy initiatives. As a result of the arrests, more than $100,000 in Tether was seized.
The scammers claimed they had rights from the Ministry of Energy to develop solar energy in the country, promising investors high returns. The scheme was spread through social media, where the fraudsters posed as officials. Fake income reports and SIM cards registered to unsuspecting individuals were used. Binance assisted the police by providing analytical support to trace transactions.
