The Enforcement Directorate (ED) has attached assets worth Rs 21.71 crore in connection with the Coinbase phishing scam, issuing a Provisional Attachment Order on November 12, 2025. The attached properties belong to Chirag Tomar, his family members, and associates, including Rahul Anand, Akash Vaish, and Piyush Prashar. According to the agency, the provisional attachment covers nine immovable properties located in Delhi. With this action, the total attachment in the case has now reached Rs 64.15 crore.
The ED initiated its investigation after reports emerged that Indian national Chirag Tomar had been arrested in the U.S. for orchestrating a large-scale cryptocurrency fraud exceeding $20 million. The case centres on a sophisticated phishing operation in which Tomar allegedly spoofed the cryptocurrency exchange Coinbase by creating fake or look-alike websites designed to mislead users.
Investigators found that these spoofed websites were pushed to the top of search results through search engine optimisation (SEO), thereby increasing the likelihood of users mistaking them for the legitimate platform. The fake portals closely resembled the authentic site, with only the contact details altered. When users attempted to log in, the site would falsely indicate incorrect credentials, prompting them to call the listed fake helpline.
This number connected them to phone lines controlled by Tomar and his associates. Once they gained control of the accounts, they would transfer the funds to wallets under their control and then sell them on various Peer-to-Peer (P2P) cryptocurrency platforms.
The ED outlined several key indicators that can help users identify spoofed or fraudulent websites. According to the agency, these fake portals often mimic trusted platforms but contain subtle irregularities designed to mislead users.
Officials also noted that such scams frequently rely on visual similarity and urgency to lure victims into revealing sensitive information. The indicators of a spoofed website include:
Furthermore, the ED advised citizens not to click on unknown links, avoid sharing OTPs or financial details, and verify the authenticity of any communication before responding. The agency urged users to remain alert and safeguard personal information to prevent fraud.
In 2025, the world witnessed significant losses from cryptocurrency scams and hacks. According to blockchain-security firm CertiK, investors suffered approximately $2.29 billion in net losses during the first half of the year alone, across 344 incidents.
Globally, service-related crypto thefts have already topped $2.17 billion by mid-year, exceeding previous annual records. In India, the ED reported that proceeds traced from loan-app and crypto-scam syndicates amount to around Rs 28,000 crore, many of which involved Chinese nationals directing operations.
Meanwhile, the U.S. Department of Justice (DoJ) moved to seize roughly $225 million in crypto tied to investment fraud schemes known as “pig butchering.” These scams operate as long-running confidence schemes in which fraudsters cultivate trust, often by staging a fake romantic relationship, and then lure victims into what appears to be a lucrative cryptocurrency investment. Once the victims transfer their money, the scammers disappear with the funds.
This case matters because India’s regulatory framework for cryptocurrencies remains deeply fragmented, creating vulnerabilities that fraudsters can exploit. On one hand, the Madras High Court has marked a landmark shift by recognising cryptocurrencies as a form of property capable of being held in trust under Indian law.
On the other hand, central regulatory bodies such as the Reserve Bank of India (RBI) continue to express strong caution and have not yet endorsed a comprehensive legislative regime to govern digital-asset ecosystems.
As a result, victims of crypto-enabled scams often face legal limbo, and enforcement agencies struggle to act against complex cross-border frauds. The evolving legal status of digital assets, combined with regulatory uncertainty, heightens the risk that confidence-scam operators will thrive in India’s emerging crypto market, making robust investor safeguards and clear legal recourse more urgent than ever.
