India’s ED seizes $4.8M in assets tied to Coinbase spoofing scam mastermind
Main Idea
India’s Enforcement Directorate (ED) has seized assets worth $4.8 million linked to Chirag Tomar, the mastermind behind a Coinbase spoofing scam that defrauded global investors.
Key Points
1. The ED seized 18 properties in Delhi and multiple bank accounts connected to Tomar, his relatives, and associates, acquired using proceeds from the scam.
2. Tomar was sentenced to 60 months in US prison in 2024 for creating fake Coinbase websites, stealing over $20 million in crypto assets from hundreds of victims globally.
3. India has become a hotspot for crypto scams, ranking first globally in detected crypto trading fraud in early 2025 with nearly 27,000 flagged accounts.
4. Tomar laundered over $72 million, using relatives and shell entities to hide the illicit funds and finance foreign travel.
5. The ED's probe continues, with further actions possible as they investigate additional individuals involved in laundering the scam proceeds.
Description
India’s Enforcement Directorate (ED) has seized assets worth ₹42.8 crore ($4.8 million) linked to Chirag Tomar, who defrauded thousands of investors across the globe by mimicking crypto exchange Coinbase. On Tuesday, officials at the financial crimes watchdog issued a press release detailing the seizure of 18 immovable properties in Delhi and multiple bank accounts held by Tomar, his relatives, and his business associates. The ED said the provisional attachment was carried out under the Preventi...
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