Scam under the guise of an energy program in India: How a fictitious company trapped investors?
Scam Under the Guise of an Energy Program in India
The case of fraud in which perpetrators impersonated the Ministry of Energy in India has shocked the world of investments. Scammers posed as high-ranking officials to persuade investors to invest money under the pretext of supporting the solar energy development program in India.
Fictitious Company and Promises of Supporting 450 Gigawatts of Solar Energy
The scammers promoted a fictitious company called M/s Goldcoat Solar, claiming to have rights from the Ministry of Energy in India to support the development of solar energy to a scale of 450 gigawatts by 2030. This promise attracted the attention of numerous investors who, in good faith, could believe in the authenticity of the venture.
Verification of Financial Transactions in Cryptocurrencies by Binance and Delhi Police
After investing money, many investors began to suspect that they had fallen victim to fraud. In this situation, the Delhi police sought the assistance of the cryptocurrency exchange Binance in tracking suspicious financial transactions carried out using cryptocurrencies. Thanks to the collaboration with Binance, the scam was dismantled.
Arrests and Asset Seizure
Thanks to the actions of the Delhi police, several arrests related to the fraud were made. Additionally, $100,000 in Tether was seized, which turned out to be a crucial element in determining the scale of the fraud and identifying the perpetrators.
Binance and Registration with FIU-IND
The cryptocurrency exchange Binance returned to India after registering with the Financial Intelligence Unit India (FIU-IND). This registration is significant as it ensures Binance’s compliance with national regulations concerning anti-money laundering and the taxation of virtual digital assets.
Financial scams related to cryptocurrencies are becoming increasingly sophisticated, making cooperation between law enforcement agencies and financial platforms crucial in preventing crimes.
