Cryptocurrency Heist: A Deep Dive into Tomar's $20 Million Scam

Chirag Tomar and his associates have been implicated in a massive $20 million cryptocurrency scam involving spoofed Coinbase websites. The Enforcement Directorate has attached assets worth Rs 64.15 crore. Tomar was arrested in the USA last December for orchestrating the cyber fraud.

In a significant development, the Enforcement Directorate has attached assets worth Rs 21.71 crore belonging to Chirag Tomar, his family, and associates, in connection with a massive cryptocurrency scam involving fake websites mimicking Coinbase.

The investigation launched after reports of Tomar's arrest in the USA revealed his elaborate scheme to siphon off over USD 20 million through spoofed cryptocurrency exchange websites. The assets attached, totaling Rs 64.15 crore, highlight the scale of this cyber fraud.

According to the ED, Tomar and his associates used sophisticated techniques to spoof trusted websites, capturing login credentials to transfer victims' cryptocurrency holdings to accounts under their control. The illicit gains were converted to INR and used to acquire properties, culminating in Tomar's arrest entering the USA last December.