Key Takeaways
- India’s Enforcement Directorate (ED) froze $5.9 million in assets tied to scammer Chirag Tomar.
- Tomar ran a global phishing scheme using a fake Coinbase site.
- He stole over $20 million before being arrested in the U.S. and sentenced to five years in prison.
The Indian government has taken a major step in a cross-border crypto fraud case that rocked both the U.S. and India.
India’s Enforcement Directorate (ED) has frozen assets worth ?42.8 crore ($5.9 million) linked to Chirag Tomar, the mastermind behind a fake Coinbase phishing scheme that stole over $20 million from unsuspecting crypto investors.
Tomar, who is currently serving a five-year sentence in the United States, ran the scam throughout 2022, spoofing Coinbase’s website and targeting victims through search engines.
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ED Freezes Real Estate, Bank Funds in Crypto Scam Crackdown
The ED has attached 18 immovable properties in Delhi and frozen multiple bank accounts belonging to Tomar, his family, and entities connected to the scam.
These assets were allegedly purchased using the proceeds from the phishing operation.
Indian investigators found that Tomar and his associates created fake Coinbase websites that closely mimicked the real platform, using search engine optimization (SEO) tactics to rank their spoofed sites high on Google.
Once users landed on the fake site and entered their login credentials, the scammers swiftly drained their crypto wallets.
The stolen funds were then converted into Indian rupees via P2P platforms and funneled into personal bank accounts, which were used to acquire real estate and fund an extravagant lifestyle.
From Luxury Life to Prison Time
Tomar, 31, was arrested in December 2023 at Atlanta airport.
In May 2024, he pleaded guilty to wire fraud conspiracy and was sentenced in October to five years in prison, with an additional two years of supervised release.
His phishing scheme affected over 500 victims worldwide, including a North Carolina resident who lost $240,000.
Investigators revealed that Tomar used the stolen funds to buy luxury cars, designer watches, and travel frequently to Dubai and Thailand.
Phishing Is Still a Major Threat in Crypto
While North Korean hackers often dominate headlines with complex cyberattacks, simpler phishing tactics — like the one Tomar used — remain surprisingly effective.
This case highlights the ongoing threat of phishing in the crypto space, where fake websites and social engineering continue to trick even savvy investors into giving up access to their funds.
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