Indias Renewable Energy Scam – How Did It Succeed?

Binance and Delhi Police Uncover Renewable Energy Scam in India

The cryptocurrency platform Binance, in collaboration with the Delhi Police, has uncovered a sophisticated scam that led investors astray by promising them a stake in renewable energy initiatives in India. The $100,000 scam aimed to attract investors through false promises related to the development of solar power capacity in India.

Fake Company and Misleading Assurances

The company „M/s Goldcoat Solar,” posing as a player in India’s renewable energy sector, claimed to have received rights from the Ministry of Power to expand power capacity to 450 gigawatts by 2030. False promises of high profits lured many investors, leveraging fake commitments associated with renewable energy in India.

Social Media Manipulation

The perpetrators behind the scam created fake profiles on social media, impersonating well-known personalities and leveraging their reputations to gain investors’ trust. The publication of false profit reports aimed to convince potential victims to participate in the scheme.

Sneaky Tactics of the Culprits

Investigators found that the culprits activated multiple SIM cards to conceal their identities and complicate the investigation. Financial funds transferred by the victims were dispersed across various bank accounts, with some converted into cryptocurrencies, further hindering the tracking process.

Binance and Delhi Police Collaboration

Binance provided analytical support to the Delhi Police in tracing the financial transactions related to the scam. The cryptocurrency platform recently resumed its operations in the Indian market, registering as a reporting entity in the Financial Intelligence Unit to comply with regulations governing cryptocurrency platforms.

In conclusion, the collaboration between Binance and the Delhi Police has led to the exposure of a sophisticated renewable energy scam in India that promised investors high returns. The culprits’ actions, including impersonating well-known personalities on social media and publishing false profit reports, were thwarted through joint efforts. Financial monitoring and analytical support from Binance and the police aided in dismantling this criminal syndicate.