Indian authorities freeze US$4.8 million in assets involved in Coinbase user encryption fraud case "
Internet reports that the Indian Law Enforcement Agency (ED) launched an investigation into a large-scale cryptocurrency fraud case and froze assets worth 428 million rupees (approximately US$4.8 million), the principal offender Chirag Tomar, his relatives and related entities. Under the Prevention of Money Laundering Act (PMLA), the operation seized 18 real estate and multiple bank accounts in Delhi. Chirag Tomar is the mastermind of a phishing scam against Coinbase users. The case lasted from mid-2021 to the end of 2023. It stole approximately US$20 million in cryptocurrency by counterfeiting Coinbase websites and using search engine optimization (SEO) technology to induce users to log in.
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