NEW DELHI: The Enforcement Directorate (ED) has provisionally attached assets worth ₹42.8 crore linked to Chirag Tomar, an Indian national currently serving a 60-month prison sentence in the United States for orchestrating a ₹166 crore ($20 million) cryptocurrency fraud. The attached properties include immovable assets traced to Tomar, his family members, and entities in Delhi.
The action comes amid an ongoing investigation into one of the largest international crypto frauds involving spoofed websites. According to the ED, Tomar and his associates created fake websites that mimicked the design of trusted platforms, notably cryptocurrency exchange Coinbase. The fraudulent websites were pushed to the top of search engine results using SEO tactics.
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Spoofing Websites to Steal Credentials
The spoofed websites replicated legitimate platforms almost entirely, differing only in the contact details. Victims attempting to log in would encounter login errors and contact the fake helpline provided. These calls were routed to a call center operated by Tomar and his team. Once users shared their credentials, the fraudsters accessed their crypto wallets and swiftly transferred the funds to wallets they controlled.
The stolen cryptocurrency was then sold on peer-to-peer (P2P) crypto platforms in India and converted to rupees. These funds were eventually moved into bank accounts belonging to Tomar and his family and used to acquire luxury assets and real estate.
Laundered Funds Through Indian Exchanges
The ED has estimated that cryptocurrency worth nearly ₹600 crore was converted on Indian exchanges before being transferred to beneficiaries. The funds were then used to purchase high-end watches, Lamborghinis, Porsches, and to fund international travel to destinations including Dubai and Thailand.
Tomar was arrested at Atlanta airport in December 2023 and later pleaded guilty in May 2024. He was sentenced by a district court in Charlotte, North Carolina, in October 2024.
Search operations were carried out by the ED in February 2025 across Delhi and Mumbai, unearthing critical evidence of asset acquisition through proceeds of crime. Investigations into remaining assets and financial links are ongoing.