ZachXBT: Indian fraud gang suspected of carrying out social engineering attacks to steal coins and "voluntarily filing police reports" to trace frozen funds

Odaily Planet Daily News "On-chain detective" ZachXBT published a case analysis stating that in a crypto asset case involving an Indian fraud gang, the relevant parties voluntarily filed a police report with law enforcement after their assets were frozen, drawing attention.

The incident began when a user asked him for help, claiming that approximately 5.73 BTC (about $475,000) were frozen on Changelly in March 2025. Subsequent on-chain analysis showed that these funds could be traced back to multiple social engineering attacks and Bitcoin ATM-related theft cases targeting U.S. users, with a cumulative amount involved exceeding $1 million, and involving several elderly victims.

Investigation revealed that the individual's explanations for the source of funds changed multiple times, including different claims such as "loan," "boss's transfer," and "investment from 2014-2015," with clear contradictions in the evidence chain.

More notably, the user filed a police report in India in December 2025, attempting to recover the frozen funds (Case No. 3207-P/2025). Subsequent on-chain forensics and email data analysis suggested that the individual might be a "mule" for fund transfers, with some bank documents being inconsistent with their identity information.

ZachXBT stated that such cases demonstrate that social engineering attacks and cross-border fund transfers are still ongoing, and reminded users to avoid interacting with funds from suspicious sources to prevent triggering compliance freezes or legal risks.