The Enforcement Directorate (ED) has seized assets worth ₹42.8 crore belonging to Chirag Tomar, who is serving a five-year prison sentence in the U.S. for a $20 million cryptocurrency scam.
Investigation and Arrest of Chirag Tomar
The ED took action under the Prevention of Money Laundering Act (PMLA). The investigation began after reports of Chirag Tomar’s arrest in the U.S. in December 2023 for cryptocurrency fraud. On August 2, 2025, the ED seized 18 properties and bank deposits.
Fraudulent Websites and User Deception
According to the ED’s press release, Chirag created fake websites that looked similar to Coinbase, a popular crypto exchange. He used tricks to ensure these sites appeared first in search results. These fake sites tricked users into entering their login details, which did not work. When victims called the number on the site for help, they reached a scam call center run by Tomar, who then stole the victims’ cryptocurrencies by transferring them to wallets he controlled.
Use of Stolen Funds for Luxury Purchases
The stolen crypto, estimated at ₹600 crore, was sold on online platforms and converted into Indian rupees. The funds were funneled into the bank accounts of Tomar and his family, who used this money to buy properties, luxury cars like Lamborghinis and Porsches, and expensive watches. They also vacationed in places like Dubai and Thailand.
Currently, the investigation is ongoing. However, the case highlights India's commitment to combatting cryptocurrency fraud by collaborating with other countries and indicates stricter regulations for digital currencies to prevent such scams.
