Key facts
- India's Enforcement Directorate (ED) filed a prosecution complaint against eight defendants in a cryptocurrency fraud case.
- The defendants allegedly stole over $20 million by creating fake websites that mimicked the Coinbase cryptocurrency exchange.
- Chirag Tomar, a key defendant, was arrested in the U.S. in December 2023 and sentenced to 60 months in prison.
- The ED has provisionally attached assets worth approximately INR 64.55 crore ($6.83 million) in connection with the case.
- Evidence was gathered from U.S. authorities via the Mutual Legal Assistance Treaty.
India's Enforcement Directorate (ED) has filed a prosecution complaint against eight individuals and entities, including Chirag Tomar, in connection with an alleged cryptocurrency fraud amounting to over $20 million. The scheme involved creating fake websites that mimicked the cryptocurrency exchange Coinbase to deceive victims into revealing their login credentials and transferring their digital assets.
Chirag Tomar, who was arrested by the Federal Bureau of Investigation (FBI) in the United States on December 20, 2023, has already been sentenced by a U.S. court to 60 months in prison and two years of supervised release. The ED initiated its investigation based on media reports of his arrest and subsequently obtained evidence from U.S. authorities through Mutual Legal Assistance Treaty channels.
The ED revealed that the stolen cryptocurrency was converted into other virtual digital assets, moved through multiple wallets, and ultimately converted into Indian currency via peer-to-peer transactions. These funds were then used to acquire properties and other assets. As part of the investigation, the ED has provisionally attached assets worth approximately ₹64.55 crore ($6.83 million).
Named alongside Chirag Tomar in the prosecution complaint are Pankaj Tomar, Kushagra Shakya, Akash Vaish, Rahul Anand, Ketan Luthra, as well as corporate entities Tomar Group of Industries Private Limited and Exahomes Realtors. These enforcement actions are part of India's intensified efforts to combat cryptocurrency-related fraud and money laundering.
