India’s ED froze ₹42.8 crore in assets linked to Chirag Tomar’s crypto scam after tracing stolen funds to luxury properties in Delhi.
Chirag Tomar ran a fake Coinbase scam that stole $37 million, laundered funds into India, and used shell firms to hide illegal gains.
The ED believes Tomar’s laundering network exceeds ₹600 crore, sparking urgent calls for tighter crypto laws and international oversight.
India’s Enforcement Directorate (ED) has taken a decisive step in a cross-border crypto fraud case, freezing assets worth ₹42.8 crore. This action targets jailed fraudster Chirag Tomar, his family, and related entities.
The scam, which ran from mid-2021 to late 2023, tricked users with fake Coinbase websites. The ED’s action, revealed in its August 2 press release, includes 18 properties in Delhi and multiple bank accounts linked to laundered funds.
Tomar, arrested in the U.S. in December 2023, had orchestrated a phishing scam that stole over $37 million from crypto users. U.S. prosecutors confirmed he built fake versions of Coinbase Pro.
Victims unknowingly entered their credentials and two-factor codes on these phishing sites. His team then drained their wallets. Tomar later pleaded guilty to wire fraud conspiracy and received a five-year federal sentence in October 2024.
Sophisticated Crypto Laundering Route Exposed
The Indian portion of the laundering process is the subject of the ED's most recent inquiry in addition to the conviction in the United States. Peer-to-peer exchanges were used by the agency to send a portion of the stolen cryptocurrency back into India. These platforms facilitated the covert conversion of digital assets into Indian rupees.
Consequently, the funds landed in family accounts and shell firms controlled by Tomar. Investigators traced the money trail to high-end real estate acquisitions in Delhi. The ED had already seized ₹2.18 crore during raids across Delhi, Mumbai, and Jaipur in February 2025.
Moreover, officials now believe the laundering operation could exceed ₹600 crore in scale. The transactions spanned across countries, involving complex layers of conversions, transfers, and real estate deals. Each layer helped mask the origin of the stolen funds.
Crypto Crime Prompts Regulatory Alarm
Hence, the ED’s aggressive move sends a loud warning across the crypto landscape. Authorities have hinted at further asset tracing and identification of Tomar’s associates. This case underlines the growing misuse of crypto platforms for financial crimes.
Additionally, the magnitude of the laundering has fueled urgent discussions on tightening crypto compliance in India. Officials stress the need for stricter exchange oversight and global cooperation. As enforcement continues, India’s regulators aim to set new precedents in fighting crypto-driven financial crime.
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