The Enforcement Directorate has filed a prosecution complaint in a crypto fraud case involving more than $20 million in stolen digital assets. It also attached assets worth about INR 64.55 crore. The agency linked the assets to alleged criminal proceeds.
According to the report, the names of Chirag Tomar, Pankaj Tomar, Kushagra Shakya, Akash Vaish, Rahul Anand, and Ketan Luthra feature in the complaint. It also includes the names of Tomar Group of Industries Private Limited and Exahomes Realtors. The crypto fraud case is connected to bogus websites that were allegedly impersonating Coinbase.
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Crypto Fraud Case Links Fake Coinbase Sites to Stolen Assets
The accused allegedly used those sites to target investors in cryptocurrencies. The sites allegedly gathered log-in information and authentication data from users. After gaining access, digital assets were allegedly transferred to wallets under the control of the accused.
According to the Enforcement Directorate, Chirag Tomar was at the core of the alleged scheme. He is currently in custody in the United States. The agency said it was provided with evidence by U.S. authorities via the Mutual Legal Assistance Treaty mechanism.
The crypto fraud case also involves proceedings in the United States. Court records show that Tomar was arrested by the FBI at Atlanta airport in December 2023. He later pleaded guilty to conspiracy to commit wire fraud and was sentenced to 60 months’ imprisonment.
The operation was alleged to have started at least in June 2021 by U.S. prosecutors. The scheme was aimed at victims in other countries, including the United States. The domains appeared to mimic Coinbase services such as a fake Coinbase Pro platform, court filings said.
Some members impersonated Coinbase customer support staff, prosecutors said. In some instances, they also allegedly gained access to victims’ accounts through remote desktop software. In February 2022, one North Carolina victim lost over $240,000.
The scheme fraudulently stole over $20 million in cryptocurrency from hundreds of victims, U.S. authorities said. Court papers said some of the proceeds were used to buy luxury cars and foreign travel. The filings also mentioned trips to Dubai.
ED Adds Attached Assets to Money Laundering Probe
The cryptocurrency was subsequently transferred through multiple wallets, Indian investigators said. The agency said the assets were also converted into other virtual digital assets. Those measures were taken to “hide the trail of the money,” investigators said.
The crypto fraud case then shifted to the Indian banking system, the agency said. The money was exchanged into Indian currency using peer-to-peer transactions, officials said. The funds were then, allegedly, transferred to bank accounts associated with Tomar and other accused individuals.
The Enforcement Directorate claimed that the money was spent on purchasing properties and other assets in India. The attached assets have now been added to the money laundering investigation. The crypto fraud case will be taken under the Prevention of Money Laundering Act of India.
The crypto fraud case complaint arrives as India steps up its regulation of the virtual asset service providers in the sector.
According to the rules of the Financial Intelligence Unit, crypto platforms are required to maintain records of their customers and complete know-your-customer checks. They also need to report suspicious transactions that are connected to potential financial crime.
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