India Freezes Assets Linked to Man Jailed in US Over $20M Crypto Fraud

Tomar received a five-year federal prison sentence in October 2024 for masterminding a sophisticated phishing scheme targeting the popular crypto exchange platform. His criminal enterprise relied on creating counterfeit Coinbase websites that fooled users into revealing their account credentials.

Investigators discovered that Tomar laundered roughly $72 million (₹600 crore) worth of stolen digital assets through various trading platforms before converting them to Indian rupees.  Tomar’s team manipulated search engine results so their fraudulent sites would rank higher than legitimate ones, making victims more likely to stumble upon them during routine searches.

“The spoofed website appeared exactly similar to the trusted website except for the contact details,” the ED said in its official statement. When users attempted to log into these fake platforms, they received false error messages directing them to call bogus customer support numbers.  The fraudsters posing as Coinbase representatives would then trick callers into sharing security codes or allowing remote computer access, enabling them to empty the crypto accounts.

Tomar funneled these illegal profits into purchasing high-end timepieces, luxury sports cars, including Lamborghinis and Porsches, and financing international travel. The scheme operated for over two years until authorities arrested Tomar at Atlanta’s airport in December 2023 when he returned to the U.S.. He admitted guilt to conspiracy charges in May 2024.

The ED launched its investigation after learning about Tomar’s arrest in the U.S. through news reports.  In February, officers conducted coordinated raids across Delhi and Mumbai as part of their ongoing probe into the money trail. Further investigation is under progress,” the agency noted, suggesting additional seizures or arrests may follow as authorities continue tracking assets linked to the international fraud operation.