India’s ED Cracks Down: ₹42.8 Crore Seized in Chirag Tomar Crypto Scandal

Another day, another crypto scam—but this one’s got a price tag that’ll make your eyes water. India’s Enforcement Directorate (ED) just clawed back ₹42.8 crore in a high-profile fraud case tied to Chirag Tomar. Here’s the breakdown.

The Raid:
ED officials swooped in after tracing a web of suspicious transactions. No fancy jargon—just cold, hard cash (well, digital cash) allegedly siphoned from investors.

The Hook:
Promises of sky-high returns, the usual song and dance. Tomar’s operation allegedly lured in victims with the classic crypto carrot: get rich quick or get left behind.

The Irony:
While regulators scramble to clean up the Wild West of crypto, scams like this keep giving decentralized finance a bad name. But hey, at least someone’s keeping score—₹42.8 crore worth.

The Takeaway:
If it sounds too good to be true, it probably is. Unless you’re the ED, in which case, it’s just another payday.

Fraudulent Website Tricked Users

According to the ED’s press release, Chirag created fake websites that look similar to Coinbase, a popular crypto exchange. He used tricks to ensure that these fake websites appeared first in search results. These fake sites then fooled people into entering their login details, which didn’t work.

When victims called the number on the site for help, they reached a scam call center run by Tomar. The scammers then stole the victims’ cryptocurrencies by transferring them to wallets they controlled.

Chirag Tomar Channels ₹600 Crore in Crypto for Luxury Purchases

The stolen crypto, which is estimated at ₹600 crore, was sold on online platforms, and the amount was converted into Indian rupees. As per reports, these funds were funneled into the bank accounts of Tomar and his family.

Further, he and his family used this money to buy properties, luxury cars like Lamborghinis and Porsches, and expensive watches. They also used those funds to vacation in places like Dubai and Thailand.

In May 2024, Tomar pleaded guilty to the charges. Further, a U.S. court in Charlotte, North Carolina, sentenced him to prison on October 17, 2024. On February 20, 2025, the ED conducted raids in Delhi and Mumbai to find more of Tomar’s assets and identify others involved.

At present, the investigation is ongoing, but the case highlights that India is serious about stopping crypto scams by working with other countries. It also points to tougher regulations for digital currencies to prevent such fraud.

Also Read: Crypto Hacks Surge in July with $142 Million Stolen: PeckShield