Delhi Police recently made a significant breakthrough in their fight against fraud, seizing over 100,000 USDT in digital assets and apprehending multiple individuals involved in a complex scam. According to The Hindu, the suspects were operating under the guise of a fictitious company called “M/s Goldcoat Solar,” falsely claiming to have government authorization to contribute to India’s renewable energy sector.
The fraudsters duped investors by asserting that they had obtained rights from the Ministry of Power to support India’s ambitious goal of increasing solar power capacity to 450 gigawatts by 2030. They lured unsuspecting individuals with promises of high returns, using the country’s energy plan as a cover for their illicit activities.
The scam gained traction through social media platforms, where “M/s Goldcoat Solar” was promoted as a legitimate investment opportunity. The perpetrators went to great lengths to deceive potential investors, impersonating government officials and using the names of prominent figures to endorse their scheme. They even went as far as fabricating earnings reports from supposed earlier participants to build credibility and attract more victims.
The funds collected from victims were channeled through banks, with a portion being converted into digital assets. With the help of Binance, law enforcement was able to track the financial transactions and apprehend the culprits. Jarek Jakubcek, Head of Law Enforcement Training at Binance, highlighted the importance of collaboration between industry and law enforcement in combating such crimes.
In a related development, the Hong Kong Police Force dismantled a cross-border fraud center in Hong Kong, arresting 27 individuals linked to a scam amounting to over HK$360 million. Reports indicate that the organization utilized “romance scams” to trick victims into investing in cryptocurrencies.
Operating from a sophisticated 4,000-square-foot center in Hung Hom, the group recruited local digital media graduates as technology experts. They collaborated with overseas fraudsters and IT specialists to create a fake crypto investment platform, complete with training manuals in Chinese and English to guide members on how to initiate fraudulent online relationships.
Using advanced deepfake technology powered by artificial intelligence, the scammers conducted video chats to deceive victims into believing they were engaging in romantic relationships with attractive individuals. This ruse led victims from mainland China, Taiwan, India, and Singapore to invest in the fraudulent 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. Key figures within the group were among those apprehended, underscoring the size and sophistication of the fraud center. Police commended their dismantling of the operation, emphasizing the need for vigilance against such elaborate scams.
Overall, these recent crackdowns on fraudulent activities highlight the importance of collaboration between law enforcement agencies and industry players in safeguarding investors and combating financial crimes. The successful operations serve as a reminder of the ongoing efforts to protect individuals from falling victim to sophisticated fraud schemes.