Crypto fraud is getting harder to escape, as Chirag Tomar just found out the hard way. The Enforcement Directorate (ED) of India has frozen $4.8 million in assets, including 18 real estate properties in Delhi and bank accounts tied to Tomar, who’s currently serving a five-year sentence in the U.S. for defrauding crypto investors of $20 million.
According to the ED, Tomar’s operation was a sophisticated phishing scheme that tricked users into believing they were logging into the legitimate Coinbase platform. Instead, they were entering fake sites created by Tomar’s team. This scheme allowed them to steal crypto account credentials and drain victims’ wallets.
"Escaping crypto fraud is no longer an option—bad actors will be tracked, exposed, and jailed," said Sudhakar Lakshmanaraja, founder of the blockchain education platform Digital South Trust.
Looks like the Indian authorities are making an example out of Tomar.
The Phishing Scheme That Fooled Thousands
Tomar’s team didn’t just create any old fake website; they rigged search engine results to ensure their fraudulent sites ranked higher than Coinbase’s official one. When users tried to log in, they were greeted with fake error messages, redirecting them to bogus customer support lines. Of course, the so-called Coinbase reps on the other end convinced victims to share security codes or give remote access to their computers, ultimately wiping out their crypto accounts.
It wasn’t just about stealing digital assets, though. Tomar used the stolen funds to live large, purchasing luxury watches, Lamborghinis, and Porsches, and funding international vacations. Hey, why not treat yourself when you’ve scammed millions?
After over two years of running the scam, Tomar was arrested at Atlanta's airport in December 2023 upon returning to the U.S. In May 2024, he pleaded guilty to conspiracy charges.
A Global Hunt for Illicit Assets
Once India got wind of Tomar’s arrest, the ED sprang into action. Officers conducted raids in Delhi and Mumbai, targeting properties and bank accounts linked to Tomar’s operations. They’re not stopping there, though, further investigations are underway, and more assets could be seized, or additional arrests could follow.
Looks like Tomar’s lavish lifestyle might just come to a crashing halt. The crypto fraud crackdown is real, and it’s going global.
Jordan V.
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