India uncovers $20M crypto scam linked to fake Coinbase websites
India's Enforcement Directorate (ED) has filed charges against Chirag Tomar, his alleged associates, and related entities in connection with a cryptocurrency fraud scheme. According to investigators, the group stole more than $20 million using websites designed to mimic the Coinbase platform.
The agency announced the filing of a prosecution complaint on June 16, 2026. In addition to Tomar, seven other individuals and entities have been named in the case.
Fake Coinbase websites
The investigation began after Tomar was arrested in the United States. Indian authorities later obtained evidence and case materials through international legal cooperation mechanisms.According to investigators, the defendants created websites that closely resembled Coinbase to steal user credentials, passwords, and two-factor authentication codes.
After gaining access to victim accounts, the perpetrators allegedly transferred crypto assets to wallets under their control. They then conducted a series of transactions to conceal the origin of the funds.
Assets worth millions
The ED stated that the stolen funds passed through accounts linked to Tomar, his relatives, business associates, and affiliated entities.According to the agency, the proceeds were distributed across multiple bank accounts and later used to purchase luxury goods, movable assets, and real estate.
As part of the investigation, Indian authorities have already seized assets worth approximately 646 million rupees, equivalent to about $6.8 million.
Earlier, a U.S. court sentenced Tomar to five years in prison. He will also be subject to two years of supervised release after completing his sentence.
India tightens oversight of the crypto industry
The case comes amid stricter regulation of digital assets in India. In 2022, the government introduced a 30% tax on cryptocurrency gains and a mandatory 1% tax deducted at source on every crypto transaction.Additional requirements were introduced in 2023 when digital asset transactions became subject to anti-money laundering regulations.
Since then, crypto companies have been required to comply with KYC and AML procedures, monitor suspicious transactions, and report relevant information to financial intelligence authorities. Violations can result in substantial fines and, in some cases, criminal liability.
Earlier, U.S. authorities charged two alleged operators of the AudiA6 crypto laundering service, which processed more than $389 million since 2021.
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