Indian authorities have filed money laundering charges against convicted crypto fraudster Chirag Tomar and provisionally attached assets worth around $6.82mn (Rs. 64.55 crore). They allege that proceeds from a large-scale Coinbase phishing scheme were converted into Indian rupees and funnelled through multiple bank accounts.
India Charges Crypto Fraudster in $6.8mn Coinbase Phishing Laundering Case
16 June 2026 - 14:50 CEST
By Sandmark staff
The Directorate of Enforcement (ED), India’s primary financial crime investigation agency, filed a prosecution complaint under the Prevention of Money Laundering Act (PMLA) before a special court in New Delhi. The complaint names Tomar, five associates and two companies – Tomar Group of Industries and Exahomes Realtors.
Cross-border probe
The case stems from a sophisticated phishing operation in which Tomar and his associates created fake websites mimicking Coinbase (one of the world’s largest cryptocurrency exchanges). Victims were tricked into revealing login credentials, two-factor authentication codes and other sensitive information, allowing the group to drain cryptocurrency from their accounts.
Tomar was arrested by the FBI in Atlanta in December 2023 and later sentenced to five years in US prison for the scheme, which stole tens of millions of dollars.
Indian investigators launched their probe after media reports of his arrest and obtained evidence through a mutual legal assistance treaty with the US. The ED alleges the stolen crypto was converted into other digital assets, moved through multiple wallets and ultimately cashed out into Indian rupees via peer-to-peer transactions.
Following the money
Proceeds were allegedly deposited into bank accounts linked to Tomar, his family members and associates. From there, the funds were layered and used to purchase movable and immovable assets. The ED has provisionally attached properties valued at Rs. 64.55 crore ($6.82mn).
Further investigations are ongoing.
The case highlights India’s increasing scrutiny of illicit cryptocurrency flows through domestic financial systems. It adds to other recent actions, including a May crackdown in Gujarat on an alleged $27mn crypto laundering network linked to terror financing.
