Delhi Police has seized over USDT 100,000 worth of digital assets and arrested several individuals involved in a sophisticated fraud operation, The Hindu reported. The suspects ran a fraudulent entity called “M/s Goldcoat Solar,” which falsely claimed government approval to contribute to India’s renewable energy expansion.
The perpetrators misled investors by claiming they had acquired rights from the Ministry of Energy to support India’s goal of increasing solar energy capacity to 450 gigawatts by 2030. They lured individuals with promises of substantial returns, using the National Energy Plan as a facade for their plan. .
The scam reportedly gained momentum through social media platforms, where “M/s Goldcoat Solar” was promoted as a legitimate investment opportunity. The fraudsters posed as senior government officials and used the names of dignitaries to falsely endorse the scheme. Investors were shown fabricated earnings reports from supposed previous participants to build trust and legitimize the operation.
The money deposited by the victims was channeled through banks, with some converted into digital assets. With the help of Binance, law enforcement traced the financial transactions to track down the suspects. Jarek Jakubcek, Head of Law Enforcement Training at Binance, noted the effectiveness of collaboration in such cases, stating that it highlights the positive results of joint efforts between the industry and law enforcement.
Hong Kong Police Arrest 27 HK$360 Million Cross-Border Crypto Frauds
In a related development, the Hong Kong Police Force (HKPF) dismantled a cross-border fraud center in Hong Kong, arresting 27 people linked to scams worth more than HK$360 million, according to local news reports. The organization used ‘romance scams’ to trick victims into investing in crypto.
Operating from a reportedly well-organized 4,000-square-meter center in Hung Hom, the group recruited local university graduates who specialized in digital media as technology experts. They collaborated with foreign fraudsters and IT specialists to create a fake crypto investment platform. Training manuals in Chinese and English were prepared to instruct members on how to engage in fraudulent online relationships.
Using artificial intelligence-based deepfake technology, the scammers conducted video chats to convince victims that they were pursuing romantic relationships with highly desirable women. This manipulation prompted victims from mainland China, Taiwan, India and Singapore to invest in the fake platform.
The HKPF arrested 21 men and six women, aged between 21 and 34, on charges of conspiracy to defraud and possession of offensive weapons. Among those arrested were important members of the group. Police described the fraud center as unusually large and carefully organised, highlighting the sophistication of the operation.