India Freezes $4.8 Million in Assets Tied to U.S.-Sentenced Crypto Fraudster Chirag Tomar

India’s Enforcement Directorate (ED) has frozen assets worth ₹42.8 crore ($4.8 million) linked to Chirag Tomar, an Indian national currently serving a five-year prison sentence in the U.S. for orchestrating a massive cryptocurrency fraud [1]. The scam, which involved spoofing the Coinbase Pro platform, exploited search engine optimization (SEO) manipulation to mislead users into logging into counterfeit websites [2]. Once users entered their credentials, criminals gained direct access to their crypto wallets and siphoned millions of dollars in digital assets [3].

The operation, which reportedly stole between $20 million and $37 million, relied on sophisticated tactics including phishing, fake websites, and digital laundering through peer-to-peer exchanges and shell companies [4]. Tomar was arrested in Atlanta in December 2023 and pleaded guilty in May 2024, marking a pivotal moment in the case [5]. The sentencing in the U.S. included asset forfeiture, but it was only part of a broader enforcement effort as Indian authorities moved swiftly to freeze 18 properties and multiple bank accounts connected to Tomar and his network under the Prevention of Money Laundering Act (PMLA) [6].

Much of the illicitly obtained wealth was reportedly converted into luxury assets, including real estate, vehicles, and high-end watches in Delhi [7]. The ED’s actions reflect a growing emphasis on tracking and seizing assets linked to cross-border financial crimes, especially in the digital asset space [8]. As part of the investigation, officials highlighted the need for stronger international cooperation to combat crypto-related fraud, which has become increasingly difficult to trace due to the global and decentralized nature of digital currencies [9].

The case is also being seen as a potential template for future cross-border enforcement in crypto crime. While Tomar’s assets are being frozen and confiscated in India, the U.S. continues to hold him accountable for his actions abroad [10]. This coordinated approach between Indian and U.S. law enforcement agencies demonstrates the increasing complexity of global crypto enforcement and the necessity of international collaboration to recover stolen assets and deter future fraud [11].

The crypto fraud case involving Chirag Tomar has drawn attention to the vulnerabilities within the digital asset ecosystem. It underscores the ease with which cybercriminals can exploit user trust and the critical role of law enforcement in tracing and recovering stolen funds [12]. As investigations continue, authorities are expected to trace additional assets through India’s financial system, signaling the beginning of a broader crackdown on crypto fraud networks operating internationally [13].

Sources:

[1] India Cracks Down on Cross-Border Crypto Fraud

[2] The Fraud: Fake Coinbase Pro Websites and SEO Manipulation

[3] Money Laundering Trail Leads Back to India

[4] Crypto India reports freeze action

[5] Wise Advice highlights the seizure

[6] US and India Coordinating on Crypto Crime

[7] Money Laundering Trail Leads Back to India

[8] US and India Coordinating on Crypto Crime

[9] Money Laundering Trail Leads Back to India

[10] US and India Coordinating on Crypto Crime

[11] US and India Coordinating on Crypto Crime

[12] Conclusion

[13] Summary