The Delhi Police on October 15, 2024, uncovered a sophisticated scam and seized over 100,000 USDT* in cryptocurrency assets. Multiple individuals were also arrested for operating a fraudulent entity known as “M/s Goldcoat Solar.”
*Tether (USDT) is a stablecoin whose value is pegged to the US Dollar, and is one of the biggest cryptocurrencies by market capitalisation.
The perpetrators falsely claimed to have secured rights from the Government of India, Ministry of Power, to contribute to India’s plan of expanding solar power capacity to 450 gigawatts (GW) by 2030, all under the guise of supporting the country’s renewable energy efforts. The elaborate scheme deceived numerous individuals into believing they could invest in the national energy plan and earn substantial returns.
The investigation uncovered a series of deceptive methods used by the syndicate, including the distribution of fraudulently obtained SIM cards. These SIM cards were registered under the names of innocent people and used to shield the identities of the real perpetrators. Some of these cards were even sent overseas to further complicate the scam’s web. Victims’ funds were funneled through multiple bank accounts, with some of the money being converted into cryptocurrency to make tracking the fraud even harder. The scam reportedly gained traction through social media platforms where fraudsters promoted “M/s Goldcoat Solar” as a legitimate investment opportunity.
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