India Seizes Assets of Man Convicted in U.S. $20M Crypto Fraud Case

Jimmy Aki
Last Updated:

Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.

On August 5, India’s Enforcement Directorate (ED) seized assets worth $4.8 million (₹42.8 crore) as part of an ongoing investigation into a major crypto fraud case. The assets belonged to Chirag Tomar, an Indian citizen currently serving time in a U.S. prison for defrauding crypto investors of $20 million.

Fake Coinbase Websites Were Central to the Crypto Fraud Operation

According to the official press release, Chirag Tomar masterminded a crypto fraud operation that centered on fake Coinbase websites. These phony platforms were designed to mimic the real exchange in both appearance and function.

Tomar embedded these spoofed links into phishing emails, which were then sent to actual Coinbase users around the world.

When unsuspecting users clicked the links, they were taken to a fake login page that looked legitimate. Many entered their credentials, unaware they were giving direct access to their crypto wallets.

Once inside, Tomar and his team drained the accounts. In more advanced attempts, they even posed as Coinbase support agents to trick users into revealing two-factor authentication codes.

This crypto fraud scheme affected hundreds of users globally, with many confirmed cases in the U.S.

To hide the stolen funds, Tomar moved the crypto through peer-to-peer (P2P) platforms, eventually transferring large sums into multiple Indian bank accounts.

Among the seized assets are 18 properties in Delhi, including several domestic bank accounts held by Tomar, his relatives, and known associates.

India’s enforcement action comes months after a U.S. federal court sentenced Tomar to five years in prison in October 2024.

U.S. investigators believe Tomar began running this crypto fraud operation as early as 2021. The stolen funds helped his lavish lifestyle. He bought Audemars Piguet watches, Lamborghinis, Porsches, and travelled to Dubai, Thailand, and other destinations.

Tomar was arrested in December 2023 at the Atlanta airport shortly after he entered the U.S.

Global Authorities Continue to Uncover Crypto Fraud Money Trails

India’s crackdown on Chirag Tomar’s scheme is just one piece of a much larger puzzle. In recent months, law enforcement agencies across multiple countries have ramped up investigations into crypto scams targeting investors and institutions alike.

In July, the U.S. Attorney’s Office in Seattle took legal action to seize over $7.1 million in crypto linked to an international oil and gas investment scam.

That same month, the United Kingdom made headlines when the Financial Conduct Authority (FCA) arrested two individuals and seized seven illegal crypto ATMs.

Australia has also made major strides. In June, authorities dismantled a large-scale laundering ring in Queensland. Four individuals were charged and had assets valued at AUD 21 million (about $13.7 million).

On the regulatory front, Australia’s corporate watchdog, ASIC, recently filed a civil lawsuit against Liang Guo, former director of Blockchain Global. He was accused of mismanaging over $20 million in customer funds during the collapse of the ACX Exchange.

In another recent development, a grand jury in Denver indicted Eligio “Eli” Regalado and his wife, Kaitlyn, on 40 felony counts, including racketeering, securities fraud, and theft. It was revealed that the couple defrauded about 300 investors up to $3.4 million.

While the fight against crypto scams is far from over, authorities continue to avoid stolen funds and seize assets.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.