India confiscates $4.8 million worth of crypto fraudster's assets

The Enforcement Directorate of India (ED) has just seized assets worth $4.8 million from Chirag Tomar, an Indian man currently serving a prison sentence in the US for cryptocurrency fraud. Tomar was sentenced to 5 years in prison for embezzling $20 million from investors through a sophisticated scam network. #indian

Details of the scam and actions taken by authorities

Tomar created fake Coinbase websites, manipulated search results to trick users into revealing their login information. Then, his team impersonated customer support staff to gain access and withdraw funds from the victims' crypto wallets. Tomar laundered approximately $72 million in stolen digital assets by converting them into Indian rupees through P2P platforms. This money was used to purchase real estate, luxury cars, and travel expenses.

The Enforcement Directorate of India has frozen 18 properties in Delhi and bank accounts related to Tomar along with his relatives and business partners. This case demonstrates effective coordination among international law enforcement agencies in tracking down and addressing financial crimes in the cryptocurrency space, regardless of where they operate. Indian authorities stated that the investigation is still ongoing, and there may be further seizures and arrests. #anhbacong