An Indian national has been sentenced to five years in prison after being convicted of stealing more than $20 million in a crypto fraud scheme involving fake crypto websites.
U.S. District Judge Kenneth D. Bell sentenced Chirag Tomar, a 31-year-old Indian citizen, to 60 months in prison, the U.S. Department of Justice announced. Tomar will also serve two years of supervised release following his conviction.
His conviction is the latest conviction in a series of similar fraud schemes.
Crypto fraud via fake website
According to Dena J. King, United States Attorney for the Western District of North Carolina, Tomar stole more than $20 million from hundreds of people by tricking them into using fake or “spoofed” websites. The system dates back to June 2021.
Prosecutors said Tomar and his co-conspirators targeted victims across the world and in the United States, by spoofing the American crypto exchange Coinbase.
Identity theft is a cybercrime in which a malicious actor uses a disguise to convince victims to believe they are using an official or trusted representative, when in reality it is a fake. In this case, Tomar and others used a fake URL of Coinbase’s cryptocurrency exchange site “Pro.Coinbase.Com.” They used the URL CoinbasePro.Com, complete with a fraudulent website where unsuspecting victims unknowingly allowed cybercriminals to access their Coinbase credentials.
Using remote desktop software, the scammers stole from victims, in some cases involving impersonation of Coinbase customer support staff.
Court documents reveal that a North Carolina crypto user lost over $240,000 in February 2022.
Tomar, who used the stolen funds to purchase luxury vehicles and finance lavish trips to Dubai and elsewhere, was arrested in December 2023. He pleaded guilty to charges including wire fraud conspiracy in May 2024.
Earlier this week, a US court sentenced a 46-year-old man to 20 years in prison for crypto fraud.
Meanwhile, a German man facing a $150 million crypto fraud case in New York is on the run after skipping a court hearing.