In a significant crackdown, Delhi Police, in collaboration with cryptocurrency exchange Binance, has dismantled a major scam linked to a fraudulent renewable energy investment scheme. This operation has led to multiple arrests and the seizure of over 100,000 USDT in cryptocurrency, highlighting the growing intersection of fraud and digital finance.
The Scam Unveiled: M/s Goldcoat Solar
The fraudulent operation centered around a company named “M/s Goldcoat Solar,” which falsely claimed to be aligned with India’s ambitious renewable energy goals.
- Key Details:
- The company misrepresented its ties to the government’s plan to increase solar power capacity to 450 GW by 2030.
- Investors were lured with promises of high returns, falsely connecting the scheme to national renewable energy initiatives.
The scam gained momentum through social media platforms, where it was marketed as a legitimate investment opportunity. Fraudsters even went to the extent of impersonating government officials and using the names of reputable figures to enhance their credibility. They circulated falsified reports showcasing inflated earnings from previous investors to build trust and further their deception.
Investigative Efforts and Collaboration
The investigation revealed that the criminals employed a network of fake SIM cards registered under innocent individuals’ names to execute the scam.
- Investigation Insights:
- Some SIM cards were sent abroad to evade detection.
- The money trail was obscured by multiple bank accounts, with funds converted into cryptocurrency.
Binance played a crucial role in assisting Delhi Police by tracing the flow of funds. Through virtual meetings, Binance provided analytical support that enabled investigators to follow the complex money trail. Jarek Jakubcek, Binance’s Head of Law Enforcement Training, emphasized the importance of collaboration in combating financial crimes, noting Binance’s commitment to supporting law enforcement agencies globally.
Implications for the Cryptocurrency Landscape
This bust comes on the heels of Binance’s recent re-entry into India, where it registered as a reporting entity with the Financial Intelligence Unit (FIU) in August. This move ensures compliance with the country’s anti-money laundering and tax regulations for virtual digital assets.
- Key Takeaways:
- The operation underscores the need for vigilance in the cryptocurrency space, particularly as scams become more sophisticated.
- Investors are reminded of the risks associated with crypto products and NFTs, which remain largely unregulated.
As the investigation continues, the collaboration between law enforcement and cryptocurrency exchanges like Binance may serve as a model for addressing financial crimes in the digital age.

Eva Lane is a dedicated crypto news writer at Crypto Quill, with a keen eye for emerging trends and developments in the world of cryptocurrency. Passionate about blockchain technology and digital currencies, Eva’s articles provide readers with timely and informative insights into the dynamic realm of crypto. With a knack for thorough research and clear communication, Eva delivers engaging content that keeps audiences informed and engaged. Count on Eva to unravel the complexities of the crypto world and bring you the latest news and analysis with precision and expertise.