Cryptocurrency Fraud: ED Attaches The Assets Of Indian Convicted In The US For Stealing Money Through Fake Websites Tezzbuzz  |  2025-08-06T23:24:54+08:00

The Enforcement Directorate (ED) has attached assets worth Rs 42.8 crore linked to an Indian Chirag Tomar. He is currently serving a 60-month prison term in the United States of America (USA) for a $20 million cryptocurrency fraud, his family and associated entities in Delhi, the agency said on August 05, 2025, Tuesday. The Enforcement Directorate said that it launched an investigation after learning that Chirag Tomar was arrested in the US for stealing over $20 million by using fake or spoofed websites and mimicking the cryptocurrency exchange website Coinbase. According to the ED, Chirag would mimic the trusted websites in such a way by search engine optimization that when they were searched, the spoofed one would appear at the top, according to Hindustan Times.

What are the different types of cryptocurrency frauds?

The Investopedia says that a cryptocurrency is a digital or virtual currency secured by cryptography. This makes it nearly impossible to counterfeit or double-spend. Most cryptocurrencies exist on decentralized networks using blockchain technology. It is a distributed ledger enforced by a disparate network of computers. Instant transactions is one of the features of Cryptocurrency that makes it prone to many frauds as well.
Some of the scams associated with cryptocurrency according to constantinecanon.com-

Scam Initial Coin Offerings

Initial coin offering or the ICO is the first offering of a particular cryptocurrency for sale. This offering can become a means of targeting the people who don’t know much about digital currencies. Many ICO’s are fully fabricated with phony bios of non-existent team members.

Pump and Dump Schemes

The scammers can get a new variation of the pump and dump scheme. Under this scheme, the owners of a stock try to drive the price up before selling off their holdings at an artificial peak. This is common at the ICO stage in the crypto world.

The post Cryptocurrency Fraud: ED Attaches The Assets Of Indian Convicted In The US For Stealing Money Through Fake Websites appeared first on NewsX.

Read more
Voting Guide for Bigg Boss 19: Save Your Favorite Contestants
Newspoint
Ravichandran Ashwin Announces Retirement from IPL, Eyes Overseas T20 Leagues
Newspoint
Crackdown on e-scooters after spate of deaths and serious injuries
Newspoint
Minneapolis shooting LIVE: Gunman storms into school and shoots 20 people
Newspoint
These diseases can be cured by consuming tender neem leaves at this time.
Newspoint
If you want to work in a bank, then do not miss this opportunity. The last date to apply for recruitment in BOB is near
Newspoint
Telecom Giants Airtel and Jio Extend Support to Flood-Affected Regions
Newspoint
US Open news: Brit told to retire immediately as star approaches pundit mid-match
Newspoint
Jurgen Klopp's bizarre reason for dropping Trent Alexander-Arnold in 2018 amid current woes
Newspoint
Who Is Akriti Agarwal? Indian Cricketer Prithvi Shaw's Rumoured Girlfriend, Who Starred In Crime Thriller Movie Trimukha
Newspoint