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India ramps up its crypto fraud crackdown with a $5 million asset attachment order tied to a fake Coinbase site that duped victims out of over $20 million.
India Moves in on Assets After Coinbase Scam Leader Held in US
India’s Directorate of Enforcement (ED) announced on Aug. 5 that it has issued a provisional attachment order for assets worth ₹42.8 crore (about $4.88 million) linked to Chirag Tomar, his relatives, and associated entities. The order, a temporary legal measure, prevents the transfer or disposal of assets during an investigation. The attached assets include 18 immovable properties in Delhi and funds held in bank accounts.
The announcement states that the Enforcement Directorate launched an investigation following a news report about the arrest of Indian national Chirag Tomar in the U.S. for allegedly stealing over $20 million using fake websites imitating cryptocurrency exchange Coinbase. Tomar remains in U.S. custody. According to the ED, the scheme involved spoofing the Coinbase website and using search engine optimization to rank the fake site prominently. Although the counterfeit site resembled the legitimate platform, it featured altered contact information. The ED noted:
The investigation revealed that Chirag Tomar, currently in custody in USA, was involved in a large-scale cyber fraud by spoofing the website of the cryptocurrency exchange Coinbase and stealing cryptocurrency worth approximately USD 20 million.
Victims were misled into calling a fraudulent helpline, which connected them to a call center operated by Tomar. Once credentials were obtained, funds were diverted into wallets controlled by the perpetrators, liquidated through peer-to-peer (P2P) platforms, and converted into Indian rupees. These proceeds were then funneled into bank accounts held by Tomar and his family, later used for real estate purchases.
Coinbase’s chief legal officer, Paul Grewal, reacted to the development on social media platform X:
Justice is often delayed but it ultimately won’t be denied. We appreciate the good work of law enforcement to pursue the assets of this fraudster and the collaboration we described back in May that made it possible.