Law enforcement in Delhi and Hong Kong has launched coordinated actions against major cryptocurrency scams, exposing fraudulent schemes that exploited investor trust

In Delhi, police seized over 100,000 USDT in digital assets and arrested several individuals linked to a large-scale crypto fraud. According to The Hindu, the suspects were operating under the name "M/s Goldcoat Solar," a fictitious entity falsely claiming government backing to support India's renewable energy goals. The fraudsters misled investors by asserting they had secured rights from the Ministry of Power to aid in expanding India's solar energy capacity to 450 gigawatts by 2030.

They lured victims with promises of high returns, presenting the scam as part of India’s official energy plan. Using social media platforms to promote “M/s Goldcoat Solar,” they posed as government officials and used the names of dignitaries to give the operation a false sense of legitimacy. Fabricated earnings reports from supposed earlier investors were also shown to build credibility and entice more people to participate.

The fraudulent funds were funneled through banks, with some converted into digital assets. In collaboration with Binance, investigators were able to trace the digital transactions. Jarek Jakubcek, Binance’s Head of Law Enforcement Training, praised the joint effort between industry and law enforcement, emphasizing the importance of collaboration in such cases.

Meanwhile, in Hong Kong, police dismantled a sophisticated fraud operation involving HK$360 million in crypto investments. The Hong Kong Police Force (HKPF) arrested 27 individuals connected to a cross-border scam, which relied on “romance scams” to deceive victims into investing in fake cryptocurrency platforms.

Operating from a 4,000-square-foot center in Hung Hom, the group recruited local university graduates with expertise in digital media and collaborated with overseas fraudsters. They used artificial intelligence and deepfake technology to conduct video chats, convincing victims from mainland China, Taiwan, India, and Singapore that they were in romantic relationships with attractive women. This manipulation eventually led the victims to invest in the fake platform.

Among those arrested were key members of the organization, with the 21 men and six women aged between 21 and 34. Police described the fraud center as unusually large and highly organized, reflecting the sophisticated methods used by the scammers.