The Enforcement Directorate (ED) has attached assets worth ₹42.8 crore linked to an Indian serving a 60-month prison term in the US for a $20 million cryptocurrency fraud, his family and associated entities in Delhi, the agency said on Tuesday.
The agency said it launched an investigation after learning that Chirag Tomar was arrested in the US for stealing over $20 million through the use of fake or spoofed websites, mimicking the cryptocurrency exchange website Coinbase. It added that the trusted websites were spoofed in such a way by search engine optimisation that when they were searched, the spoofed one would appear at the top.
“The spoofed website appeared exactly similar to the trusted website except for the contact details. When the users would enter the login credentials, the spoofed website would show it wrong. Therefore, the users would contact the number given in the spoofed website, which would eventually connect them to the designated call centre managed by Chirag Tomar,” the ED said in a statement.
“Once the fraudsters gained access to the victim’s accounts, the fraudsters quickly transferred the victim’s cryptocurrency holdings to cryptocurrency wallets under their control. The stolen cryptocurrency would then be sold on various P2P crypto platforms and converted to INR [Indian rupees]. Subsequently, the money was transferred into the bank accounts of Chirag Tomar and his family members and used to buy immovable properties.”
{{/usCountry}}“Once the fraudsters gained access to the victim’s accounts, the fraudsters quickly transferred the victim’s cryptocurrency holdings to cryptocurrency wallets under their control. The stolen cryptocurrency would then be sold on various P2P crypto platforms and converted to INR [Indian rupees]. Subsequently, the money was transferred into the bank accounts of Chirag Tomar and his family members and used to buy immovable properties.”
{{/usCountry}}A US district judge in Charlotte (North Carolina) in October last year sentenced Tomar for stealing over $20 million from hundreds of victims. The US attorney said in October 2024 that Tomar used the funds for his lavish lifestyle, purchased expensive watches, luxury vehicles like Lamborghinis and Porsches, and to make trips to Dubai, Thailand, etc. Tomar was arrested at the Atlanta airport. in December 2023. He pleaded guilty in May 2024.
The ED has estimated the conversion of crypto worth ₹600 crore at Indian exchanges. Tomar subsequently transferred the funds to the beneficiaries. On February 20, the ED carried out searches in Delhi, and Mumbai in the case.