India Targets Assets in Coinbase Scam Crackdown

India’s Enforcement Directorate (ED) has escalated its fight against cryptocurrency fraud, issuing a $5 million asset attachment order linked to a fraudulent Coinbase website that siphoned over $20 million from victims.

On August 5, the ED announced a provisional attachment of assets worth ₹42.8 crore (approximately $4.88 million) tied to Chirag Tomar, his relatives, and associated entities. This temporary legal measure freezes 18 properties in Delhi and funds in bank accounts, preventing their transfer during the ongoing investigation.

The ED’s probe was triggered by reports of Tomar’s arrest in the U.S., where he is currently detained for orchestrating a cyber scam. The scheme used a fake Coinbase website, optimized to rank high in search results, to deceive users. The counterfeit site mimicked the legitimate platform but listed fraudulent contact details. Victims calling the listed helpline were routed to a call center run by Tomar, where their credentials were stolen. The pilfered funds were then funneled into perpetrator-controlled wallets, converted via peer-to-peer platforms, and laundered into Indian rupees for real estate purchases.

Coinbase’s chief legal officer, Paul Grewal, commented on X:

Justice may take time, but it prevails. We commend law enforcement’s efforts to seize this scammer’s assets and the collaboration we highlighted in May that made this possible.