Indian authorities freeze $4.8 million in assets related to Coinbase user crypto scam case

ChainCatcher news, the Enforcement Directorate (ED) of India has launched an investigation into a large-scale cryptocurrency fraud case, freezing assets worth 428 million rupees (approximately 4.8 million USD) belonging to the main suspect Chirag Tomar and his relatives and related entities. Under the Prevention of Money Laundering Act (PMLA), this operation has seized 18 properties in Delhi and multiple bank accounts.

Chirag Tomar is the mastermind behind a phishing scam targeting Coinbase users, which has been ongoing since mid-2021 and is expected to continue until the end of 2023. By creating a fake Coinbase website and using search engine optimization (SEO) techniques to lure users into logging in, approximately 20 million USD in cryptocurrency has been stolen.