- A massive crypto scam using a fake Coinbase website to steal over $20M has been busted.
- India’s Enforcement Directorate has seized $5.1M in real estate and bank funds from the accused.
- The main accused, Chirag Tomar, was arrested in the US, showing cross-border cooperation.
A sprawling international crypto scam has been dismantled by Indian authorities and U.S. law enforcement, masterminded by Chirag Tomar, a New Delhi native accused of stealing over $20 million through a fake version of the popular crypto exchange Coinbase. This case exposes a complex cybercrime operation that stretched across borders, leading to major raids, arrests, and court actions.
On August 2, 2025, India’s Directorate of Enforcement (ED) announced it had provisionally attached assets worth ₹42.8 crore ($5.1 million) belonging to Chirag Tomar, his relatives, and their associated companies. The order freezes 18 real properties across Delhi and the balances in several bank accounts. Authorities traced these assets during a two-year investigation into the scam that targeted users of Coinbase.
How the Fake Coinbase Scam Operated
According to official statements, Tomar ran a call center and engineered a sophisticated spoofed website designed to perfectly mimic the authentic Coinbase site. This fraudulent site was built to rank high on search engines, tricking users into entering their real login credentials.
Related: Crypto Pump-and-Dump Scheme: How to Spot and Avoid Getting Scammed
When logins failed, victims were encouraged to contact a phone number operated by Tomar’s team. Once users shared sensitive details, the group quickly drained their crypto accounts and laundered funds through peer-to-peer exchanges. The funds were then converted to Indian rupees and funneled into property and bank holdings.
Tomar’s arrest in the United States came after authorities identified the operation’s reach and financial impact. The ED investigation, based on press reports and international cooperation, detailed how the group used search engine optimization and social engineering to perpetrate the fraud.
Wider Crackdown on Crypto Crime in India
Indian police agencies are investigating separate, high-profile cryptocurrency-related fraud cases. In Bengaluru, a 28-year-old man was detained in connection with the hacking of a local trading platform that resulted in the loss of approximately ₹384 crore. The platform, managed by Neblio Technologies, reported that on July 19, a hacker moved $44 million in crypto from company wallets to unknown addresses.
Related: Binance Helps Delhi Police Bust Crypto Scam in India
In another case, the Delhi High Court rejected the bail application of Umesh Verma, a businessman charged with defrauding over 50 investors of nearly ₹50 lakh via a Dubai-based crypto exchange. The court cited the profound economic risk caused by such crimes and found that Verma continued to request funds despite regulatory changes, signaling ongoing legal scrutiny of the crypto sector.
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