{"id":1060,"date":"2025-02-25T05:00:20","date_gmt":"2025-02-25T05:00:20","guid":{"rendered":"https:\/\/duggarsamvad.in\/?p=1060"},"modified":"2025-02-25T05:00:22","modified_gmt":"2025-02-25T05:00:22","slug":"enforcement-directorate-freezes-over-rs-2-crore-in-multi-state-crypto-fraud-probe","status":"publish","type":"post","link":"https:\/\/duggarsamvad.in\/?p=1060","title":{"rendered":"Enforcement Directorate Freezes Over Rs 2 Crore in Multi-State Crypto Fraud Probe"},"content":{"rendered":"\n

The Enforcement Directorate (ED)<\/strong> on Monday announced the freezing of bank deposits worth over Rs 2 crore<\/strong> after conducting multi-state raids<\/strong> against an Indian national accused of illegally converting crypto assets worth Rs 600 crore<\/strong> through various Indian crypto exchanges.<\/p>\n\n\n\n

Massive Crypto Conversion Scam Unearthed<\/strong><\/h3>\n\n\n\n

The searches, conducted on February 20<\/strong> in Delhi, Jaipur (Rajasthan), and Mumbai (Maharashtra)<\/strong>, were executed under the Foreign Exchange Management Act (FEMA).<\/strong><\/p>\n\n\n\n

According to the ED, the case revolves around the illegal conversion of cryptocurrency worth Rs 600 crore<\/strong>, followed by the transfer of funds to unknown beneficiaries.<\/p>\n\n\n\n

Key Accused: Chirag Tomar<\/strong><\/h3>\n\n\n\n

The investigation was initiated based on a news report<\/strong> detailing that an Indian national, Chirag Tomar<\/strong>, had been sentenced to prison in the USA<\/strong> for stealing more than USD 20 million<\/strong> from victims using fake or spoofed websites<\/strong> mimicking the legitimate crypto exchange Coinbase<\/strong>.<\/p>\n\n\n\n

Fraudulent Website Tactics<\/strong><\/h3>\n\n\n\n

The probe revealed that fraudsters used Search Engine Optimization (SEO)<\/strong> techniques to ensure that spoofed websites appeared at the top of search results<\/strong>. These fake websites<\/strong> looked identical to trusted sites<\/strong>, except for altered contact details.<\/p>\n\n\n\n

When users attempted to log in, their credentials were rejected, prompting them to contact the fake customer support number<\/strong> listed on the spoofed website. The number connected victims to call centers managed by Tomar<\/strong>, where scammers obtained access to their accounts and stole crypto holdings<\/strong>.<\/p>\n\n\n\n

How Stolen Crypto Was Laundered<\/strong><\/h3>\n\n\n\n
    \n
  • The stolen cryptocurrency<\/strong> was transferred to fraud-controlled wallets<\/strong>.<\/li>\n\n\n\n
  • The assets were sold on the website LocalBitcoins.com<\/strong>.<\/li>\n\n\n\n
  • The converted funds were transferred to Indian Rupees through Indian crypto exchanges<\/strong>.<\/li>\n\n\n\n
  • The money was eventually routed to Tomar\u2019s and his family\u2019s bank accounts<\/strong>.<\/li>\n<\/ul>\n\n\n\n

    Rs 15 Crore Identified, Rs 2.18 Crore Frozen<\/strong><\/h3>\n\n\n\n

    So far, Rs 15 crore<\/strong> received by Tomar and his family<\/strong> through this fraudulent scheme has been identified. During the raids<\/strong>, multiple bank accounts linked to the Tomar family<\/strong> were frozen<\/strong>, including deposits amounting to Rs 2.18 crore<\/strong>.<\/p>\n\n\n\n

    The ED also uncovered similar fraudulent modus operandi<\/strong> involving the sale of \u201cdoubtful\u201d crypto<\/strong> on LocalBitcoins<\/strong> and its conversion to Indian Rupees through Indian crypto exchanges<\/strong>.<\/p>\n\n\n\n

    Ongoing Investigation<\/strong><\/h3>\n\n\n\n

    Authorities are now probing further into the network of exchanges and financial transactions<\/strong> involved in the scam. The ED is expected to intensify its investigation to trace additional laundered funds<\/strong> and identify all involved parties<\/strong>.<\/p>\n\n\n\n

    This case marks yet another high-profile cry****pto scam<\/strong> under investigation in India, emphasizing the urgent need for tighter regulations o<\/strong>******n digital currency transactions**.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The Enforcement Directorate (ED) on Monday announced the freezing of bank deposits worth over Rs 2 crore after conducting multi-state raids against an Indian national accused…<\/p>\n","protected":false},"author":3,"featured_media":1061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[],"class_list":["post-1060","post","has-post-thumbnail","category-national"],"_links":{"self":[{"href":"https:\/\/duggarsamvad.in\/index.php?rest_route=\/wp\/v2\/posts\/1060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/duggarsamvad.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/duggarsamvad.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/duggarsamvad.in\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/duggarsamvad.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1060"}],"version-history":[{"count":1,"href":"https:\/\/duggarsamvad.in\/index.php?rest_route=\/wp\/v2\/posts\/1060\/revisions"}],"predecessor-version":[{"id":1062,"href":"https:\/\/duggarsamvad.in\/index.php?rest_route=\/wp\/v2\/posts\/1060\/revisions\/1062"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/duggarsamvad.in\/index.php?rest_route=\/wp\/v2\/media\/1061"}],"wp:attachment":[{"href":"https:\/\/duggarsamvad.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/duggarsamvad.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/duggarsamvad.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}