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Fake Coinbase Scam Busted: India Blocks Assets Worth $4.8 Million

Key Takeaways

  • India’s ED froze ₹42.8 crore in assets linked to Chirag Tomar, jailed in the US for a crypto scam;
  • Tomar’s group ran fake Coinbase sites to steal user credentials and access crypto wallets;
  • Nearly ₹600 crore in stolen digital assets were laundered and turned into Indian currency.​

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Fake Coinbase Scam Busted: India Blocks Assets Worth $4.8 Million

India’s financial crime agency has frozen assets worth about ₹42.8 crore (around $4.8 million) connected to Chirag Tomar, an Indian national currently serving a prison sentence in the United States.

Tomar was convicted of running a fake website scheme that tricked people into giving up their cryptocurrency.

The Enforcement Directorate (ED) announced on August 5 that it had blocked access to 18 properties in Delhi and several bank accounts. These accounts belong to Tomar, his family members, and people he worked with.

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In October 2024, Tomar was sentenced to five years in a US federal prison. His group created fake websites that resembled the crypto exchange Coinbase $1.82B to collect login details from unsuspecting users.

Once people entered their information, they were shown fake error messages and told to call a helpline. The numbers connected them to fraudsters pretending to be Coinbase staff.

Victims were then misled into giving out security codes or allowing remote access to their devices. This allowed the scammers to steal funds from their crypto wallets.

Officials said the scam operated for over two years. The group used tricks to make their fake websites appear above the real Coinbase site in search results.

Investigators also found that nearly ₹600 crore (roughly $72 million) in digital assets moved through various trading platforms before being converted into Indian currency.

Recently, two men from Southern California were charged with sending artificial intelligence (AI) computer chips to China without following US export rules. How did the case unfold? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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