India Freezes ₹42.8 Crore in Assets of Convicted Crypto Fraudster

India’s Enforcement Directorate (ED) has frozen assets worth ₹42.8 crore linked to Chirag Tomar, an Indian national currently serving a five-year sentence in the U.S. for orchestrating a $37 million cryptocurrency fraud. The assets include 18 properties in Delhi and multiple bank accounts, provisionally attached under the Prevention of Money Laundering Act (PMLA). This is the second major seizure in the case, following an earlier confiscation of ₹2.18 crore in February 2025 [3].

The scam, which operated from mid-2021 to late 2023, involved the creation of fraudulent websites mirroring Coinbase Pro, including domains like “CoinbasePro.Com.” These sites tricked victims into entering their login credentials and two-factor authentication codes, granting Tomar’s team unauthorized access to their accounts and enabling large-scale theft [3]. U.S. prosecutors confirmed that the operation defrauded hundreds of victims, with the total amount stolen exceeding $37 million. Tomar was arrested in December 2023 at Hartsfield-Jackson Atlanta International Airport and later pleaded guilty in May 2024 to wire fraud conspiracy, resulting in a five-year prison sentence in October 2024 [3].

The ED’s investigation has traced the movement of illicit funds into India, where a portion of the stolen cryptocurrency was converted through peer-to-peer exchanges and deposited into accounts controlled by Tomar’s family and shell companies. These funds were used to purchase luxury real estate in Delhi, marking a sophisticated laundering strategy [3]. Officials now estimate that the entire laundering operation could exceed ₹600 crore in value, involving multiple international transfers, conversions, and property deals designed to obscure the origins of the stolen assets [3].

The case has raised serious concerns about the misuse of cryptocurrency platforms for financial crime and the need for stronger regulatory oversight. The ED’s aggressive action highlights India’s growing focus on enforcing anti-money laundering laws in the digital finance space. Authorities have indicated that further asset tracing and identification of potential co-conspirators remain priorities as the investigation continues [3].

Source: [1] India Freezes Assets Linked to Man Jailed in US Over $20M ... (https://finance.yahoo.com/news/india-freezes-assets-linked-man-045238235.html)

[2] India Freezes Millions in Assets Tied to Notorious ... (https://www.ccn.com/news/crypto/india-freezes-millions-assets-coinbase-scammer/)

[3] India Freezes ₹42.8 Crore In Assets Linked To Convicted ... (https://financefeeds.com/india-freezes-%E2%82%B942-8-crore-in-assets-linked-to-convicted-crypto-fraudster-chirag-tomar/)