Indian citizen Chirag Tomar was sentenced to five years in prison for orchestrating a massive fraud scheme that stole over $20 million from hundreds of victims. The court proceedings were overseen by U.S. Attorney Dena J. Schmidt for the Western District of North Carolina.

Details of the Fraud Scheme

Beginning in June 2021, Tomar and his co-conspirators ran a sophisticated spoofing operation, mimicking one of the largest global cryptocurrency exchanges, Coinbase. They created a fake website, CoinbasePro.com, that closely resembled the genuine Pro.Coinbase.Com platform. Through spoofing, cybercriminals deceived victims into revealing sensitive information.

Victims and Methods of Deception

Victims were tricked into entering their login credentials and two-factor authentication codes on the counterfeit site, giving fraudsters access to their real Coinbase accounts. One notable case was a victim from North Carolina who lost over $240,000.

Tomar's Arrest and Consequences

Tomar was arrested on December 20, 2023, upon entering the U.S., and pleaded guilty to conspiracy to commit wire fraud in May 2024. After serving his sentence, he will face two years of supervised release. U.S. Attorney Dena J. Schmidt praised the efforts of the U.S. Secret Service and the FBI in bringing Tomar to justice.

The case of Chirag Tomar highlights the importance of cybersecurity and vigilance when using online platforms. The court's verdict serves as a warning to those intending to commit fraud over the internet.