India Freezes $4.8M in Assets Linked to Coinbase Phishing Scam Mastermind

India’s Enforcement Directorate (ED) has seized assets worth $4.8 million linked to Chirag Tomar, the mastermind of a global cryptocurrency phishing scam targeting users of Coinbase. The assets include 18 immovable properties in Delhi and multiple bank accounts held by Tomar, his relatives, and business associates. The seizure was carried out under the Prevention of Money Laundering Act (PMLA) following a detailed investigation into illicit crypto funds that had been converted into Indian rupees and funneled into real estate and bank deposits [4]. These assets were obtained through a phishing operation in which Tomar created a spoofed version of Coinbase Pro to steal login credentials and two-factor authentication codes [4].

The scheme, which operated between mid-2021 and late 2023, defrauded victims globally and resulted in an estimated $37 million in stolen cryptocurrency [4]. Tomar's team used SEO tactics to ensure their counterfeit websites ranked above the genuine ones, increasing the likelihood of users falling victim to the scam [4]. Once users were compromised, their accounts were drained of funds, which were subsequently laundered through peer-to-peer trading platforms and converted into Indian currency [4].

Tomar was arrested in the United States in December 2023 and later sentenced to five years in federal prison in October 2024 after pleading guilty to conspiracy to commit wire fraud [4]. The ED became aware of the arrest through international media reports and launched its own investigation into the flow of funds. Raids were conducted in February 2025 across multiple cities, including Delhi and Mumbai, as part of the ongoing probe [4]. The investigation remains active, with officials indicating that further seizures or arrests may follow [4].

The enforcement action highlights the cross-border enforcement capabilities of the ED and the growing importance of international cooperation in tackling digital financial crimes. The case also underscores the challenges posed by cryptocurrencies, which can be rapidly transferred and used to obscure the origins of illicit funds [4]. The ED has emphasized the need for stronger compliance standards within crypto platforms to prevent similar frauds in the future [4].

India has seen a rise in crypto-related financial crimes over the past few years, with a lack of comprehensive regulation and financial literacy among users contributing to the problem. The case of Tomar serves as a benchmark for India’s efforts to strengthen enforcement mechanisms and enhance legal frameworks for digital asset regulation [4].

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[1] title1.............................(https://www.chaincatcher.com/en/article/2195637)

[2] title2.............................(https://www.ainvest.com/news/india-ed-freezes-4-8m-assets-coinbase-phishing-scam-2508/)

[3] title3.............................(https://decrypt.co/333705/india-freezes-assets-man-jailed-us-20m-crypto-fraud)

[4] title4.............................(https://financefeeds.com/india-freezes-%E2%82%B942-8-crore-in-assets-linked-to-convicted-crypto-fraudster-chirag-tomar/)