India Seizes ₹42.8 Crore in Chirag Tomar’s Global Crypto Phishing Empire

India’s Enforcement Directorate (ED) has moved decisively to seize assets worth $4.8 million (₹42.8 crore) linked to a complex international crypto fraud masterminded by former Delhi resident Chirag Tomar. Currently serving a five-year sentence in a U.S. federal prison for orchestrating a $20 million phishing scam targeting Coinbase users, Tomar’s empire of deception stretched across continents and exploited trust in one of the world’s most popular cryptocurrency platforms.

High-Value Asset Seizure Linked to Global Scam

On Tuesday, the ED announced the freezing of 18 real estate properties across Delhi, alongside numerous bank accounts held by Tomar, his relatives and business associates. This marks one of the largest asset attachments in a digital asset fraud case in India to date. Authorities believe these properties were acquired using proceeds funnelled through a network of peer-to-peer (P2P) exchanges and Indian banking channels.

“Financial crime in the digital asset space cannot remain in the shadows,” said Sudhakar Lakshmanaraja, founder of blockchain education platform Digital South Trust. “This action sends a clear message to crypto fraudsters: global collaboration and rigorous enforcement will track down your ill-gotten gains.”

The seizure comes after Tomar’s conviction in October 2024 by a U.S. District Court in Atlanta, where he pleaded guilty to conspiracy charges for creating sophisticated spoofed websites mimicking Coinbase. His prison sentence followed a criminal enterprise spanning more than two years.

Anatomy of a Sophisticated Phishing Operation

Detailed ED filings reveal Tomar’s cell crafted counterfeit Coinbase login pages, optimised to outrank genuine sites on search engines. Victims searching for “Coinbase login” were frequently directed to these look-alike portals.

• SEO manipulation: Fraudsters deployed clandestine link-building and bulk domain registrations to elevate their phishing domains in search results.
• False error messages: Upon entering credentials, users received bogus “account locked” prompts directing them to ring phoney customer support numbers.
• Remote access con: Callers believed they were speaking to official Coinbase agents and unwittingly granted remote desktop access or shared one-time passcodes.

Once inside victims’ wallets, Tomar’s team drained balances, transferring stolen funds to a web of anonymous accounts before converting them into rupees via Indian P2P platforms. Investigators estimate some $72 million (₹600 crore) in digital assets passed through this laundering pipeline.

Money Laundering via P2P and Indian Banking Channels

Central to Tomar’s scheme was the use of peer-to-peer crypto exchanges, where he and his cohorts exchanged Bitcoin and Ethereum for Indian rupees without leaving an obvious trail. According to the ED:

1. Funds were split into smaller remittances to circumvent regulatory thresholds.
2. Front companies were set up to receive wire transfers into local bank accounts.
3. Luxury goods and high-value assets, including Lamborghinis and Porsches, were purchased to further obscure the money trail.

Detective teams uncovered evidence that luxury watches and international travel bookings served as both a store of value and a means of obfuscation. “Criminals often use high-ticket items as an alternative currency,” explained an ED official, underscoring the importance of asset tracing expertise in fighting crypto crime.

International Cooperation and Regulatory Response

Tomar’s downfall illustrates the growing synergy between international regulators and enforcement agencies. Upon his December 2023 arrest at Hartsfield–Jackson Atlanta International Airport, U.S. authorities alerted Indian counterparts through mutual legal assistance mechanisms. The ED swiftly launched raids in Delhi and Mumbai in February 2024, leading to the current asset attachments.

Global regulators are also sharing intelligence on emerging threats. India’s crackdown follows a string of high-profile digital asset heists, such as the 2024 exploit on PancakeSwap (1-4-million-drained-in-cut-token-exploit-on-pancakeswap) and the $1 billion liquidation meltdown covered in our report (1-billion-vanished-the-great-cryptocurrency-liquidation-catastrophe).

Implications for Crypto and Blockchain Recruitment

The scale and complexity of Tomar’s operation reinforce a critical point for employers and hiring managers in the web3 sector: robust security and compliance expertise are non-negotiable. Demand for specialised roles such as blockchain security analysts, fraud detection engineers and compliance officers has surged.

As a leading blockchain recruitment agency, Spectrum Search has observed an uptick in searches for:

• Crypto compliance managers and regulatory affairs specialists, to navigate evolving legal frameworks.
• Defi security auditors and on-chain forensic experts, capable of identifying vulnerabilities before attackers strike (1-million-exploit-rocks-base-blockchain-urging-stricter-defi-security-measures).
• Web3 talent acquisition professionals experienced in vetting candidates for integrity and technical rigour.

“In the wake of such high-profile cases, institutions are doubling down on due diligence,” notes Priya Sethi, a senior crypto recruiter at Spectrum Search. “Organisations want talent that can pre-empt threats and ensure regulatory compliance without stifling innovation.”

Our recent guide on 5 tips for successfully recruiting in the web3 industry outlines best practices for building security-minded teams. From behavioural assessments to technical test projects, these guidelines help mitigate insider risks and external threats alike.

Key Takeaways for Crypto Headhunters and Talent Acquisition

For blockchain recruiters and crypto headhunters, Tomar’s case offers several lessons:

• Prioritise compliance credentials: Candidates with backgrounds in anti-money laundering (AML) or Know Your Customer (KYC) protocols are in high demand.
• Look for red flags: Gaps in employment or involvement with unregulated entities warrant deeper scrutiny.
• Build cross-functional teams: Pair security specialists with product managers and legal advisors to maintain balanced risk management.
• Embrace continuous training: Encourage staff to stay current with emerging phishing techniques and regulatory updates (addressing-skill-shortages-in-the-crypto-job-market).

Organisations that invest in a holistic web3 talent acquisition strategy—one that balances technical expertise, ethical integrity and regulatory awareness—will be best positioned to thrive in a landscape where digital assets move as quickly as the bad actors chasing them.

The Next Phase of Anti-Fraud Fight

With the ED investigation “under progress,” further asset seizures or arrests could be on the horizon. Tomar’s relatives and associates remain under scrutiny, and international law enforcement partners continue to pool resources to demantle the networks facilitating such sprawling scams.

In parallel, the crypto industry itself is strengthening defences. Decentralised finance (DeFi) protocols are deploying automated smart-contract audits; exchanges are mandating hardware-wallet transfers for large withdrawals; and recruitment agencies specialising in defi recruitment are tailoring their searches to pinpoint candidates skilled in secure smart-contract design.

As regulators and industry stakeholders tighten the net around illicit actors, the value of qualified blockchain talent and vigilant security teams has never been clearer. The battle for clean, compliant and resilient web3 ecosystems hinges on professionals who can anticipate threats and innovate beyond them—roles that Spectrum Search stands ready to fill.