Coinbase Spoofing Scam: ED Attaches Rs42.8 Crore Assets of Cyber Fraud Accused Chirag Tomar

Moneylife Digital Team 06 August 2025

Economy & Nation

In a major action against international cyber fraud, the directorate of enforcement (ED) has provisionally attached assets worth Rs42.8 crore belonging to Chirag Tomar, his family members, and associated entities. The attached assets include 18 immovable properties in Delhi and funds held in multiple bank accounts.

The attachment order was issued on 2 August 2025, under the Prevention of Money Laundering Act (PMLA), 2002, as part of an ongoing investigation into a US$20mn (million) cryptocurrency fraud.

ED launched its probe following media reports that Chirag Tomar, an Indian national, had been arrested in the US for allegedly stealing over US$20mn by spoofing the website of leading cryptocurrency exchange Coinbase. He is currently in custody in the US, facing charges related to large-scale cybercrime and financial fraud.

According to ED, Mr Tomar and his associates created fake websites that closely mimicked Coinbase, using search engine optimisation (SEO) techniques to ensure these spoofed sites appeared at the top of search results. These fraudulent websites appeared nearly identical to the original, except for subtle differences such as altered contact details.

When users attempted to log in and failed, they were prompted to call the fraudulent customer support number displayed on the spoofed site. The number connected victims to a call centre operated by Mr Tomar’s network, where fraudsters would extract sensitive information. Armed with these credentials, they gained access to the victims’ actual crypto accounts and swiftly transferred digital assets to wallets under their control.

The stolen cryptocurrency was then sold through peer-to-peer (P2P) platforms and converted into Indian rupees. The laundered funds were routed into bank accounts controlled by Mr Tomar and his family, and subsequently used to purchase high-value real estate across Delhi.

ED’s investigation revealed that the assets now attached were acquired through these proceeds of crime. The agency has confirmed that further investigation is underway to trace additional funds and identify other potential beneficiaries or entities involved.

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