India Seizes $4.88M in Crypto Scam Assets Tied to Fake Coinbase Website
India’s Enforcement Directorate (ED) has issued a provisional attachment order on August 5, attaching assets worth ₹42.8 crore...
Quick overview
- India's Enforcement Directorate has attached assets worth ₹42.8 crore linked to Chirag Tomar, a suspect in US custody for cyber fraud.
- Tomar created a fake Coinbase website, defrauding victims of over $20 million by manipulating search engine results and misleading contact information.
- The attached assets, including 18 properties and bank accounts, are believed to be purchased with proceeds from the fraudulent scheme.
- This case highlights the increasing sophistication of crypto fraud and the importance of international legal cooperation in tackling such crimes.
India’s Enforcement Directorate (ED) has issued a provisional attachment order on August 5, attaching assets worth ₹42.8 crore (approximately $4.88 million) to Chirag Tomar—a suspect currently in US custody—and his close associates. The order freezes 18 immovable properties in Delhi and several bank accounts, preventing the transfer or sale of these assets during the ongoing investigation.
The ED had launched the probe after US authorities arrested Tomar for running a sophisticated cyber fraud scheme. He had created a fake website mimicking Coinbase, the US-based cryptocurrency exchange, and had defrauded victims of over $20 million. The fake website was designed to look legitimate and manipulated search engine results to get visibility.
How the $20M Coinbase Scam Worked
According to ED, the fraudulent website looked like Coinbase but had altered contact information to mislead users. Victims were tricked into calling a fake support helpline, where they were directed to a call center run by Tomar and his associates.
Once victims shared their credentials:
- Their crypto wallets were drained.
- Funds were converted into Indian rupees via peer-to-peer (P2P) transactions.
- Money was transferred to accounts controlled by Tomar’s network.
- Proceeds were used to buy high-value real estate in India.
Tomar is in US custody and facing multiple charges of cybercrime and financial fraud. His arrest has enabled better international coordination in tracing digital transactions.
Global and Legal Reactions
Coinbase’s Chief Legal Officer, Paul Grewal, tweeted:
“Justice is often delayed but it won’t be denied. Thanks to law enforcement for going after this fraudster’s assets.”
ED said the attached assets were purchased with the proceeds of crime and are subject to further legal scrutiny. The provisional attachment order allows investigators to prevent further laundering or concealment while building a stronger case.
This case shows how crypto frauds are getting more sophisticated and how international legal coordination is important. With India cracking down on digital assets, the message is clear: even global frauds are within reach of coordinated enforcement.
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