India’s Enforcement Directorate (ED) has seized assets worth ₹42.8 crore ($4.8 million) linked to Chirag Tomar, who defrauded thousands of investors across the globe by mimicking crypto exchange Coinbase. On Tuesday, officials at the financial crimes watchdog issued a press release detailing the seizure of 18 immovable properties in Delhi and multiple bank accounts held by Tomar, his relatives, and his business associates. The ED said the provisional attachment was carried out under the Prevention of Money Laundering Act (PMLA) after authorities traced illicit crypto funds funnelled into real estate and bank deposits in India. The attached properties include high-value real estate holdings across India’s capital, along with bank accounts containing laundered funds. According to the ED, these assets were acquired using proceeds from an international cryptocurrency phishing scheme that Tomar ran before his arrest in the United States in December 2023. Investigators found that Tomar had converted stolen digital assets into Indian rupees through peer-to-peer trading platforms and used the funds to purchase luxury items, including Lamborghinis, Porsches, and designer watches, as well as to finance foreign travel. A large portion of the stolen funds was funnelled into India and parked under the names of relatives and shell entities, the agency added. Ongoing probe and possible further action The ED began its probe after learning about Tomar’s arrest through international media reports. In February, it conducted coordinated raids across multiple locations in Delhi and Mumbai to trace the money trail. Officials say the investigation remains active and more seizures or arrests may follow. “The proceeds of crime were layered and integrated into the banking system by purchasing immovable properties in India,” the ED noted in an accompanying statement. The agency has not ruled out further action against other accomplices who may have assisted Tomar in laundering funds domestically. Coinbase users targeted all across the globe Chirag Tomar, 31, was sentenced to 60 months in federal prison by a US court in October 2024 after pleading guilty to conspiracy to commit wire fraud. His scheme, which ran for over two years, involved creating spoofed websites that mimicked Coinbase, a leading cryptocurrency exchange with operations spanning several jurisdictions across the globe. The fake sites were designed to appear nearly identical to Coinbase’s official page but contained altered contact details. Tomar and his team even used search engine optimisation to ensure their counterfeit URLs ranked above genuine ones, making them easier for unsuspecting users to find. When users attempted to log in, the spoofed site would return error messages and direct them to the scammers, who then manipulated victims into sharing sensitive security codes or granting remote access to their devices. US prosecutors estimated that Tomar stole over $20 million in crypto assets, affecting hundreds of victims globally. Past court filings have even highlighted cases where individuals lost their life savings to the scam, including one North Carolina resident who lost more than $240,000 in a single incident. Tomar laundered over $72 million worth of crypto proceeds across multiple platforms, converting large portions into Indian rupees and investing them in property and other high-value assets. The ED alleges that several associates played a role in this laundering process, including those responsible for managing mule accounts and coordinating fund transfers. India emerges as a hotbed for crypto scams Over the past years, India has witnessed a surge in cases involving crypto-related financial crimes , from romance scams and phishing attacks to fraudulent coin offerings and Ponzi schemes. According to data from another crypto exchange, MEXC, India ranked first globally in detected crypto trading fraud in early 2025, with nearly 27,000 flagged accounts—marking a 17% year-over-year increase. Much of this is due to a lack of financial literacy and the fact that the booming crypto sector in the country remains in a regulatory grey zone , with no comprehensive framework to govern digital asset platforms, protect consumers, or ensure accountability among service providers. The post India’s ED seizes $4.8M in assets tied to Coinbase spoofing scam mastermind appeared first on Invezz
