TL;DR:
- Amount under review: The case involves a total of 5.7357 BTC, with an estimated value by the claimant of $475,000.
- Withholding period: The cryptocurrency funds remain frozen under an AML review since March 11, 2025.
- Global statistics: The FBI’s Internet Crime Report logged losses exceeding $11 billion in crypto assets during 2025.
ZachXBT is spearheading a new investigation into alleged fraud in India. This Friday, the researcher revealed evidence that could link an X user to an alleged fraud ring in India. The event was triggered this Friday, June 19, after the individual requested the analyst’s support to recover funds held by a cryptocurrency exchange.
A short story about Indian scammers who called the cops on themselves:
Earlier this week a follower DM'd me from his personal account complaining that 5.73 BTC ($475K) of his was 'unjustly' frozen at Changelly in Mar 2025.
So I went and plotted the Bitcoin transaction in my… pic.twitter.com/gZxM4dRCW3
— ZachXBT (@zachxbt) June 19, 2026
The origin of the on-chain investigation
The controversy began when an account identified under the name of Aman Kesar privately turned to the on-chain data researcher. According to the user’s statements, the exchange platform Changelly unfairly confiscated their Bitcoin funds since March of last year.
The affected trader alleged in their posts that they attempted to execute a swap of 5.7357 BTC to USDT. According to the shared messages, the funds entered an anti-money laundering (AML) review. Despite having submitted identity documents (KYC) and proof of lawful origin, the claimant did not obtain a satisfactory resolution from the company’s support team.
Following the public exposure by the technical analyst, all posts linked to the complaint were deleted from X. Similarly, the user’s personal account was deactivated from the social network in recent hours.
Findings of irregular financial flows
The direction of the inquiries took a turn when the security analyst dismissed the alleged victim’s stance and focused his analysis on the history of the digital wallets. According to preliminary reports published by ZachXBT, multiple financial outflows of an irregular nature were detected, pointing suspicions toward a criminal operation based in New Delhi, India.
The technical tracking detailed coordinated financial flows from well-known platforms in the sector, including Coinbase, Cash App, Robinhood, and Strike. Additionally, the report exposes the use of physical automated teller machines operated by companies such as Bitcoin Depot, Coinhub ATM, and Athena Bitcoin. The analyzed data suggests that these services were used to channel assets toward a single centralized entity.
As of the publication time of this note, the specific details regarding the exact methodology of the deception or the primary origin of the stolen funds have not been revealed by the source. For their part, representatives of the cryptocurrency exchange Changelly have not issued any public institutional statement regarding this specific case.
The crypto fraud landscape in India
The allegations presented align with a tightening of enforcement policies in the South Asian region. Last month, India’s Enforcement Directorate finalized the arrest of a hacker and two collaborators in the city of Bengaluru, related to the theft of Bitcoin valued at $1.3 million. Likewise, state courts recently denied bail to the promoters of a multi-level marketing scheme that affected more than 80,000 local investors for millions of dollars.
Losses from financial crimes involving digital assets remain at high levels internationally. Official data from the FBI’s Internet Crime Report detailed a 21% increase in fraud reports during its latest annual review. The ecosystem remains attentive to the development of these investigations while Indian authorities prepare new international cooperation frameworks to mitigate cybercrimes throughout the year.
