Chirag Tomar, a 31-year-old Indian citizen, has been sentenced to five years in prison for his involvement in a crypto fraud scheme that defrauded victims of over $20 million. The scheme, which began in June 2021, involved Tomar and his co-conspirators creating fake websites to deceive victims into providing their authentication details for crypto exchanges.
Using spoofed websites that mimicked legitimate platforms like Coinbase, Tomar and his accomplices were able to steal from hundreds of individuals worldwide, including a crypto user in North Carolina who lost over $240,000 in February 2022. The cybercriminals used tactics such as impersonating customer support staff and utilizing remote desktop software to carry out their fraudulent activities.
After using the stolen funds to finance extravagant purchases and trips, Tomar was arrested in December 2023 and later pleaded guilty to wire fraud conspiracy charges in May 2024. He has been sentenced to five years in prison and will serve an additional two years of supervised release.
This case is just one of many instances of crypto fraud that have come to light in recent years. In a separate incident, a 46-year-old man was sentenced to 20 years in prison for his involvement in a similar scheme. Additionally, a German man who is facing a $150 million crypto fraud case in New York is currently on the run after failing to appear for a court hearing.
These cases serve as a reminder of the risks associated with the growing popularity of cryptocurrencies and the importance of being vigilant when engaging in online transactions. It is crucial for individuals to verify the legitimacy of websites and platforms before providing any personal or financial information to prevent falling victim to scams and fraud schemes.
