Chirag Tomar, a 31-year-old man from India, has been sentenced to five years in prison by U.S. District Judge Kenneth D. Bell for his role in orchestrating a $20 million cryptocurrency fraud scheme that spanned the globe.
Tomar’s sentencing took place in a federal court in North Carolina, where he had earlier pleaded guilty to charges of conspiracy to commit wire fraud.
The fraudulent operation, which began in June 2021, involved creating a fake website that closely resembled the popular cryptocurrency exchange, Coinbase. By mimicking the legitimate platform, Tomar and his accomplices deceived users into providing their login credentials and two-factor authentication codes.
The scheme didn’t stop there. Posing as Coinbase customer service representatives, the scammers tricked victims over the phone, further extracting sensitive information.
Tomar was apprehended on December 20, 2023, upon arriving at the Hartsfield-Jackson Atlanta International Airport. It’s been revealed that he used the stolen funds to indulge in a lavish lifestyle, acquiring luxury watches, including Audemars Piguet, and high-end cars like Lamborghinis and Porsches. He also reportedly financed extravagant trips to global hotspots such as Dubai and Thailand.
The scam inflicted significant financial damage on victims, with one North Carolina resident losing over $240,000. After gaining access to victims’ accounts, the fraudsters transferred their cryptocurrency into wallets under their control, quickly converting it into other forms of crypto before cashing out.
In addition to his prison sentence, Tomar will also serve two years of supervised release. He is currently in federal custody and will be transferred to a Bureau of Prisons facility.
The investigation into this international crypto fraud was led by the U.S. Secret Service, with assistance from the FBI.
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