India’s Enforcement Directorate has filed a prosecution complaint in a cryptocurrency fraud case tied to more than $20 million in stolen digital assets and has attached assets worth about INR 64.55 crore, or roughly $6.83 million. Investigators allege the scheme relied on fake Coinbase websites that collected user login credentials and authentication details before funds were moved out of victim accounts.
The complaint names Chirag Tomar, Pankaj Tomar, Kushagra Shakya, Akash Vaish, Rahul Anand, Ketan Luthra, Tomar Group of Industries Private Limited, and Exahomes Realtors. According to the agency, Chirag Tomar had a central role in the operation and is currently in custody in the United States. The ED said evidence and case details were obtained from U.S. authorities through Mutual Legal Assistance Treaty channels.
Fake Coinbase domains allegedly used to capture user credentials
Investigators said the group created fraudulent websites designed to resemble Coinbase and used them to gather login details from unsuspecting users. After gaining access, the accused allegedly transferred cryptocurrency from victim accounts into wallets under their control. Indian authorities also allege that the stolen assets were routed through multiple wallets and converted into other virtual digital assets to make the trail harder to follow on-chain.
U.S. court records show Tomar was arrested by the FBI at Atlanta airport in December 2023. He later pleaded guilty to wire fraud conspiracy and was sentenced to 60 months in prison, followed by two years of supervised release. U.S. prosecutors said the operation had been running since at least June 2021 and targeted victims in the United States and other countries through spoofed Coinbase websites, including a fake version of Coinbase Pro.
U.S. filings describe impersonation and remote access tactics
Prosecutors also alleged that members of the scheme posed as Coinbase customer support representatives and in some cases used remote desktop software to access victim accounts. One victim in North Carolina reportedly lost more than $240,000 in February 2022. U.S. authorities said the fraud generated over $20 million in stolen cryptocurrency from hundreds of victims. Court documents also alleged that some proceeds were spent on luxury vehicles and international travel, including trips to Dubai.
Indian investigators say funds were converted through P2P channels
According to the ED, the stolen crypto was eventually converted into Indian currency through peer-to-peer transactions and routed into bank accounts linked to Chirag Tomar and other accused individuals. Investigators said those funds were then used to acquire property and other assets in India, forming the basis for the asset attachment action.
The case comes as Indian authorities continue tightening oversight of the digital asset sector under the Prevention of Money Laundering Act. Under rules enforced by the Financial Intelligence Unit, crypto exchanges and other virtual asset service providers must maintain customer records, carry out know-your-customer checks, and report suspicious transactions. The Enforcement Directorate is one of the main agencies handling investigations into alleged digital-asset money laundering.