TLDR:
- ED freezes ₹42.8 crore in assets tied to Chirag Tomar’s $20M crypto phishing fraud.
- Tomar’s scheme spoofed Coinbase to steal victims’ credentials and drain wallets.
- Provisional Attachment Order covers 18 properties and multiple bank accounts.
- Case highlights growing cross-border coordination in crypto crime enforcement.
India’s Enforcement Directorate just froze assets worth ₹42.8 crore in a sweeping crypto fraud case.
The move targets Chirag Tomar, an Indian national jailed in the U.S. for a $20 million crypto phishing scheme. Investigators linked his wealth to stolen digital assets, converted to cash and funneled into property deals.
The case shines a spotlight on the growing intersection between crypto crime and cross-border enforcement. It also raises the stakes for anyone using crypto in high-risk spaces.
How the Crypto Fraud Worked and the ED Crackdown
According to the ED, Tomar ran a phishing network that mimicked the Coinbase website. Fraudulent pages ranked high in search results, tricking users into entering their login details. Once credentials failed, victims called the fake support number. That call went straight to Tomar’s team, who then drained their wallets.
The stolen crypto, valued at around $20 million, didn’t stay in digital form for long. Investigators revealed that it was sold on peer-to-peer platforms and converted into rupees.
Those funds later landed in family-linked bank accounts before being invested in property.
On August 2, the ED issued a Provisional Attachment Order. The order covers 18 properties in Delhi and multiple bank accounts tied to Tomar and his associates. Officials said the move follows an investigation triggered by a newspaper report on Tomar’s U.S. arrest.
Wise Advice, a crypto market analyst on X, noted that the enforcement action reflects how fast regulators are moving in crypto-related crime. The ED confirmed that further inquiries are underway to track additional assets and any accomplices.
🚨 𝐁𝐑𝐄𝐀𝐊𝐈𝐍𝐆: 𝐈𝐍𝐃𝐈𝐀’𝐒 𝐄𝐃 𝐅𝐑𝐄𝐄𝐙𝐄𝐒 ₹𝟒𝟐.𝟖𝐂𝐑 𝐈𝐍 𝐂𝐑𝐘𝐏𝐓𝐎 𝐅𝐑𝐀𝐔𝐃 𝐂𝐀𝐒𝐄
🇮🇳 Chirag Tomar: jailed in the U.S. for a $20M phishing scam using fake Coinbase sites, now faces heat back home.
Enforcement Directorate seizes assets worth ₹42.8 crore. pic.twitter.com/3bi6RDjaqJ
— Wise Advice (@wiseadvicesumit) August 6, 2025
Cross-Border Enforcement in Focus
Tomar’s arrest in the United States for spoofing Coinbase was only the beginning. His case now stands as one of the most notable examples of cross-border crypto crime enforcement.
Authorities believe Tomar’s scheme used aggressive search engine tactics, making the fake sites appear legitimate.
The ED’s order effectively freezes his domestic assets while U.S. proceedings continue. Officials say this coordination prevents stolen funds from vanishing through legal loopholes. They are now digging deeper into potential offshore links.
The ED is expected to expand the probe. Early findings suggest Tomar’s network involved more than just local collaborators. Crypto-related fraud cases of this scale often lead to follow-up seizures.
For now, India’s regulators have drawn a line. With Tomar’s properties locked down and accounts frozen, the focus shifts to untangling the rest of his financial web. Crypto traders and investors will be watching closely to see how this case reshapes future enforcement actions.
