Binance and Indian Police Dismantle Renewable Energy Scam Ring, Seize $100K in USDT
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Binance and the Delhi Police announced on Tuesday that they have teamed up to dismantle a large-scale renewable energy scam in India, seizing over $100,000 in USDT from fraudsters linked to a fake solar company.
Delhi Police seizes of over 100,000 USDT crypto assets, arrests multiple people
The Delhi Police on Tuesday (October 15, 2024), uncovered a sophisticated scam and seized over 100,000 USDT in cryptocurrency assets. Multiple individuals were also arrested for operating a… pic.twitter.com/Yz488lJgMl
The scam, orchestrated by criminals under the guise of supporting India’s renewable energy goals, fooled many unsuspecting investors.
The fraudulent operation centered around a fake company called M/s Goldcoat Solar, which falsely claimed to be authorized by India’s Ministry of Power.
Using the nation’s ambition to boost solar power capacity to 450 gigawatts by 2030 as a cover, the fraudsters built a scheme that led to multiple arrests and the seizure of substantial funds.
According to an October 15 Inc42 news report, the criminals circulated fake reports showing high returns from supposed previous investors, which helped build trust among new victims and convinced them to invest their money.
Crypto exchange Binance and Delhi Police have joined forces to dismantle a complex scam orchestrated by a fraudulent entity “M/s Goldcoat Solar”, a scheme which falsely claimed involvement in India’s renewable energy expansion.
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