Indian Authorities Deliver Crucial Blow: $4.8M Asset Freeze in Fake Coinbase Scam
Main Idea
Indian authorities froze $4.8 million in assets linked to a fake Coinbase scam masterminded by Chirag Tomar, highlighting the use of the Prevention of Money-Laundering Act (PMLA) to combat crypto fraud.
Key Points
1. India’s Enforcement Directorate (ED) froze approximately $4.8 million in assets connected to a fraudulent Coinbase website operated by Chirag Tomar.
2. The scam, active from mid-2021 to late 2023, involved a fake Coinbase website that deceived victims into transferring crypto assets directly to the scammer.
3. The Prevention of Money-Laundering Act (PMLA) enabled the ED to investigate, trace, and freeze assets acquired through illegal proceeds from the scam.
4. Authorities emphasized the importance of individual vigilance, such as verifying website URLs and enabling two-factor authentication (2FA), to protect against crypto fraud.
5. The case underscores the growing capability of law enforcement to tackle crypto-related crimes and safeguard the digital financial environment.
Description
BitcoinWorld Indian Authorities Deliver Crucial Blow: $4.8M Asset Freeze in Fake Coinbase Scam The digital world, while offering incredible opportunities, also harbors significant risks. A recent development from India serves as a stark reminder of this reality: Indian authorities have taken decisive action against a major fraudulent operation. They successfully executed a substantial asset freeze , targeting an individual behind a sophisticated Coinbase scam that defrauded countless users of th...
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