India Takes Strict Action in a $20M Coinbase Spoofing Scam Case: Eight Accused, Fake Websites, and Major Crypto Fraud Exposed by ED
India’s Enforcement Directorate (ED) has filed charges in a massive crypto fraud case. The case involves a Coinbase spoofing scam linked to eight people and companies. The total fraud amount exceeds 20 million dollars.
Officials say Chirag Tomar led this scam network, while other accused include Pankaj Tomar, Kushagra Shakya, Akash Vaish, Rahul Anand, and Ketan Luthra. Two companies also face charges in this crypto fraud case.
How the Coinbase Spoofing Scam Worked
The Coinbase spoofing scam ran between 2021 and 2023. The group made fake websites that looked like the real Coinbase platform. These fake pages tricked users into entering login details and security codes.
Many victims believed the websites were real. They shared usernames, passwords, and two-factor codes without knowing the risk. This allowed attackers to enter their crypto accounts easily.
After getting access, the group moved funds from the victim’s wallets. They sent the crypto through many wallets to hide the trail. Later, the cryptocurrencies were converted into Indian money using peer-to-peer transfers.
Money Trail and Asset Seizures
Investigators found that the money went into many bank accounts linked to family members and close partners of the accused. The group then used the funds to buy properties and other assets.
The Enforcement Directorate has already attached assets worth Rs. 64.55 crore. These include real estate properties in Delhi and other financial holdings. The agency now continues to trace more linked assets.
Investigators tightened the crypto fraud case after Chirag Tomar was arrested in the United States in 2023. He later confessed his involvement in court and received a five-year prison sentence. Chirag also received two years of supervised release.
International Investigation and Crypto Fraud Risks
The Indian and US agencies used legal cooperation channels to exchange evidence and track money flow during the investigation. This helped both sides understand the full extent of the fraud network.
Authorities also linked this case to other crypto fraud investigations in India. Recent actions show increased focus on illegal crypto activity and scam networks.
India remains one of the biggest crypto markets in the world. However, high usage also increases the risk of online fraud and fake platforms, since scammers often target users who are unaware of security measures.
This case shows how fake websites can lead to large financial losses. It also highlights how criminals use different layers to hide stolen money.
Disclaimer : Crypto News India does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
