According to prosecutors, the criminals posed as high-ranking Indian officials. They falsely claimed that they were implementing the Indian Ministry of Energy’s program to expand solar power to 450 gigawatts (GW) by 2030. The scammers focused on the development of renewable energy sources. They defrauded many investors who agreed to invest in the government’s energy plan.
The promoters of M/s Goldcoat Solar have been circulating advertisements on social media calling their scheme a legitimate investment. To gain the trust of investors, victims were shown fabricated screenshots of the income of previous investors. The scammers withdrew the money they received through banks, with some of the funds being 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. The head of law enforcement training at Binance, Jarek Jakubcek, said that the exchange is ready to continue to cooperate with law enforcement in catching criminals.
Binance recently held a cybersecurity and cryptocurrency training workshop for Mexican investigators to help local authorities combat financial crimes.
Source: Bits
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