India’s ED Targets $20 Million Crypto Spoofing Ring

The scheme, orchestrated primarily by Chirag Tomar, utilized sophisticated phishing tactics to mirror the official Coinbase exchange. By deploying fraudulent domains, the group harvested login credentials and two-factor authentication codes from hundreds of victims globally. Once access was secured, the perpetrators drained digital wallets and funneled the proceeds through a labyrinth of peer-to-peer exchanges and multiple virtual asset layers to mask the trail.

Tomar, currently serving a five-year prison sentence in the United States following an FBI investigation, acted alongside a network including Pankaj Tomar, Kushagra Shakya, and several corporate entities like Tomar Group of Industries. Evidence obtained through Mutual Legal Assistance Treaty channels revealed that the stolen wealth was converted into Indian rupees and laundered into real estate and luxury goods. This crackdown underscores a broader push by the Enforcement Directorate to police the digital asset sector under the Prevention of Money Laundering Act, forcing stricter oversight on how virtual currency flows intersect with traditional banking systems.