Assets are attached by the Enforcement Directorate.
Victims are deceived by fake exchange websites.
Fraud proceeds directed to family accounts and real estate.

Chirag Tomar, an Indian national imprisoned in the US, is being subjected to an asset freeze in India. The Directorate of Enforcement (ED) in India has provisionally attached assets amounting to Rs 42.8 crore. 

Such assets are 18 immovable properties in Delhi and credits in bank accounts. The decision is after his arrest over a 20 million crypto scam using spoofed Coinbase sites.

How the $20 Million Crypto Scam Unfolded

Reports of the US arrest of Tomar led to the ED investigation. Tomar is accused of sophisticated online fraud by setting up bogus websites. These websites mimicked the genuine cryptocurrency exchange “Coinbase.”

The spoofed sites came up on the higher end of search results by means of search engine optimization (SEO) tricks. Victims unknowingly entered their login credentials, which were then captured. 

Victims dialed numbers on these fake websites when their details did not work. Tomar ran the call centers to scam the users further to gain access to their crypto accounts.

Once inside, the fraudsters transferred cryptocurrencies quickly. The digital money was transferred to their controlled wallets. They subsequently traded the stolen crypto on peer-to-peer exchanges to exchange these funds into Indian Rupees (INR). The money was channeled to bank accounts in the names of Tomar and his family. The money helped purchase multiple properties in Delhi.

Enforcement Directorate’s Strong Response

An August 2, 2025, provision attachment order by ED freezes the assets of Tomar. The attachment extends to family members and associated entities. The officials focus on the movement of the illegal money into the purchase of the immovable property.

An ED official was quoted as saying, “We are on the money trail and the investigation will be expanded”. The Directorate is still investigating to reclaim more assets possessed by Tomar. The move by the agency highlights the moves to curtail cyber-enabled financial crimes.

The Bigger Picture: Crypto Fraud and Legal Action in India

This case indicates weaknesses in cryptocurrency security. Manipulated search results and spoofed websites may easily trick many people. Victims usually have few options when their crypto-assets disappear.

Enforcement agencies in India are increasingly going after cross-border crypto crimes. They are concerned with following financial flows transformed via peer-to-peer systems. Coordination with foreign agencies is also a factor that is important.

The case of Tomar can serve as a good example: cyber frauders are now exposed to property seizures and litigation in several directions. With crypto fraud on the increase all over the world, such moves are essential to discourage the fraudsters and safeguard the investors.

The post Massive Crypto Scam Triggers Rs 42.8 Crore Asset Freeze in India appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ August 6, 2025 7:30 pm