India's ED Freezes $4.8M in Assets from Coinbase Phishing Scam

India’s Enforcement Directorate (ED) has taken action against assets connected to Chirag Tomar, a fraudster currently serving a five-year prison sentence in the United States for his role in a $20 million phishing scheme targeting Coinbase users. Tomar was convicted for creating fake Coinbase websites that mimicked the genuine platform to steal user credentials and drain cryptocurrency accounts. The ED has now frozen $4.8 million in assets linked to Tomar’s fraudulent activities, including 18 properties in Delhi and bank accounts held by him, his family, and associates [1].

The scheme, which lasted for more than two years, operated by luring users to counterfeit websites that appeared identical to Coinbase, except for altered contact information. When victims tried to log in, they were presented with fake error messages directing them to call fraudulent customer support numbers. Scammers, posing as Coinbase representatives, then tricked users into sharing security codes or granting remote access, allowing them to siphon off digital assets [1].

Tomar’s team also manipulated search engine results to ensure that their fake sites ranked higher than the real Coinbase website, increasing the likelihood of unsuspecting users falling into their trap. Over the course of the operation, the scheme is estimated to have generated approximately $72 million in stolen assets, which were laundered through various trading platforms and eventually converted into Indian rupees [1]. These illicit funds were reportedly used to support a lavish lifestyle, including the purchase of luxury vehicles and high-end travel.

Tomar was arrested at Atlanta’s airport in December 2023 and pleaded guilty to conspiracy charges in May 2024. The ED learned of his arrest through news reports and initiated its own investigation into the flow of his assets. In February 2025, ED officers conducted coordinated raids in Delhi and Mumbai as part of the probe, signaling an escalation in the agency’s efforts to trace and seize proceeds of crime. The investigation is ongoing, with the possibility of further asset seizures or arrests [1].

Industry observers have pointed to the case as a significant development in the fight against crypto fraud. Sudhakar Lakshmanaraja, founder of the blockchain education platform Digital South Trust, noted that such schemes are no longer sustainable in the current regulatory and technological landscape. “Escaping crypto fraud is no longer an option—bad actors will be tracked, exposed, and jailed,” he said. He added that India has the tools, resolve, and international coordination necessary to combat financial crime in the digital asset space [1].

The case underscores the growing vigilance of Indian authorities in tackling financial crimes involving digital assets. As the regulatory framework continues to evolve, investors are increasingly being urged to remain cautious and verify the authenticity of platforms and communications. The legal consequences for those found guilty of such crimes are severe, with Tomar’s conviction and prison sentence serving as a clear warning to others engaged in similar fraudulent activities [1].