ED Attaches ₹42.8 Crore Assets Linked to Cyber Fraud Accused Arrested in U.S

speedy Summary

• the Enforcement Directorate (ED) has provisionally attached assets worth ₹42.8 crore linked to Chirag Tomar, arrested in the U.S. for cyber fraud.
• Tomar allegedly spoofed the website of cryptocurrency exchange Coinbase and stole over $20 million.
• 18 properties tied to Tomar, his family members, and associated entities are located in Delhi and include bank account credits.
• The fraud involved creating fake websites that mimicked trusted ones using search engine optimization techniques, misleading users into entering login credentials.
• Victims were directed to contact numbers managed by Tomar through a call center, leading fraudsters to access accounts and transfer cryptocurrency holdings into e-wallets under their control.
• Stolen cryptocurrency was sold on P2P crypto platforms, converted into Indian currency, transferred to bank accounts of Tomar’s network, and used for property purchases.

Indian Opinion Analysis

The ED’s actions highlight India’s increasing vigilance against cyber-related crimes with cross-border implications. This case underscores the growing sophistication of online financial scams involving cryptocurrencies-a sector often lacking robust regulatory oversight globally. By attaching assets linked to Chirag Tomar and his network in India, authorities are seeking accountability while combating financial crimes committed abroad but affecting India domestically through asset acquisition.

Such investigations could create precedent for stronger digital policy frameworks involving cybersecurity measures in emerging technologies like blockchain-based platforms. Additionally, it reflects India’s effort toward collaborative international law enforcement tackling tech-enabled crime networks. With cryptocurrencies gaining traction among investors domestically too, ensuring security might gain focus alongside advancing regulations.Read more