It started like any other online search; crypto users looking for Coinbase Pro stumbled upon what looked like a legitimate site. But behind the screen was a cleverly orchestrated crypto fraud, led by Chirag Tomar, now serving prison time in the U.S. for stealing millions.
This week, the saga took a new twist. Indian authorities have frozen nearly ₹42.8 crore ($4.8 million) in assets tied to Tomar’s scam, sending a clear message: crime leaves a trail , and justice is catching up. For victims, it’s a small but powerful step toward accountability in a world where digital deception often feels unstoppable
India Cracks Down on Cross-Border Crypto Fraud
According to an official ED statement, 18 properties in Delhi and multiple bank accounts linked to Tomar, his relatives, and business associates were frozen under the Prevention of Money Laundering Act (PMLA). Authorities acted swiftly after Tomar was sentenced to five years in US federal prison in October 2024.
Tomar had been arrested in Atlanta in December 2023 and pleaded guilty in May 2024. His arrest followed a months-long investigation into a sophisticated crypto fraud operation involving phishing, fake websites, and digital asset laundering.
The Fraud: Fake Coinbase Pro Websites and SEO Manipulation
Tomar and his co-conspirators ran spoofed versions of Coinbase Pro, cleverly designed to rank high on search engines through SEO manipulation. Unsuspecting users who landed on these fake sites were tricked into entering their login credentials, allowing scammers to steal cryptocurrency directly from their wallets.
Investigators found that the stolen funds, over $20 million, with some estimates suggesting as high as $37 million, were funneled through peer-to-peer exchanges, shell companies, and converted into Indian rupees.
Money Laundering Trail Leads Back to India
Much of the illicit wealth was laundered into luxury assets, including expensive cars, watches, and real estate in Delhi. The ED’s asset freeze marks a significant step in crypto fraud enforcement, demonstrating the agency’s resolve in tracking and seizing fraud-linked wealth even when perpetrators operate overseas.
“Crypto fraud is a global menace. This case underscores the need for robust international cooperation and asset recovery mechanisms,” said an ED spokesperson.
Crypto India reports freeze action
“BREAKING: ED freezes ₹42.8 crore assets of Chirag Tomar, jailed in the US for a $20M crypto phishing scam using fake Coinbase sites.”
Wise Advice highlights the seizure
“Chirag Tomar: jailed in the U.S. for a $20M phishing scam using fake Coinbase sites, Enforcement Directorate seizes assets worth ₹42.8 crore.”
wiseadvicesumit
US and India Coordinating on Crypto Crime
The case exemplifies global law enforcement cooperation. While Tomar faces jail time in the US, India’s ED is working to recover and neutralize the proceeds of the crime domestically. Experts believe this could be a template for future cross-border crypto fraud enforcement.
Tomar’s sentencing in the US included asset forfeiture, but Indian authorities are ensuring no part of the crime’s financial footprint remains untouched within India. 
Conclusion
The crypto fraud case involving Chirag Tomar is a wake-up call to both investors and regulators. It highlights the ease with which cybercriminals can exploit the decentralized nature of digital assets, and the critical role of law enforcement in mitigating damage post-fraud.
With millions still missing and investigations ongoing, Tomar’s downfall could just be the beginning of broader crackdowns on crypto fraud networks operating globally.
Also read Bitsonic CEO Fraud
Summary
India’s ED froze $4.8M in assets tied to Chirag Tomar, jailed in the US for a $20M crypto fraud involving fake Coinbase websites. This cross-border crackdown underscores growing international efforts to curb crypto scams. Investigations continue, with further asset seizures likely as authorities trace laundered funds through India’s financial system.
FAQs
1. Who is Chirag Tomar?
He is an Indian citizen sentenced to 5 years in a US federal prison for a $20M crypto fraud involving phishing websites mimicking Coinbase.
2. What assets were frozen by India’s ED?
The ED froze ₹42.8 crore worth of real estate and bank holdings linked to Tomar and his network.
3. How was the crypto fraud executed?
Tomar’s group used fake Coinbase Pro websites and SEO manipulation to steal user credentials and siphon crypto funds.
4. What laws were used to freeze the assets?
India’s Prevention of Money Laundering Act (PMLA) was invoked to seize domestic assets tied to the international crime.
5. Is this case unique in India?
While crypto fraud cases are rising, this is one of the most significant cross-border enforcement actions involving Indian authorities.
Glossary of Key Terms
Crypto Fraud: Deceptive activities involving digital currencies, typically aimed at stealing funds.
Phishing: Fraudulent attempts to obtain sensitive information by impersonating legitimate websites.
Enforcement Directorate (ED): India’s financial crime investigation agency.
PMLA: Legal framework in India to tackle money laundering.
Coinbase Pro: A popular cryptocurrency trading platform.
