An Indian national has been sentenced to five years in prison after being found guilty 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 national, to 60 months in prison, the U.S. Department of Justice said. announced. Tomar will also serve two years of supervised release following his sentencing.
His sentence is the latest in a series of similar fraud schemes.
Crypto fraud via spoofed 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 “impersonated” websites. The plan dates back to June 2021.
Prosecutors stated that Tomar and his accomplices targeted victims around the world and in the United States by spoofing the US-based cryptocurrency exchange Coinbase.
Phishing is a cybercrime in which a malicious actor disguises themselves to convince victims into believing that they are using an official or trusted person, when in fact it is false. In this case, Tomar and others used a fake URL from the Coinbase crypto 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 authentication data on Coinbase.
Using remote desktop software, the scammers stole from victims, and in some cases involved impersonating Coinbase customer support staff.
Court documents reveal that a North Carolina cryptocurrency user lost more than $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 about crypto fraud.
Meanwhile, a German man facing $150 million crypto fraud case in New York he is on the run after missing a hearing.
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