bank account freeze by cyber crime after trade in localbitcoins

[jo_looser1]

Hi,

Few days ago my state  bank of India account  was hold with a lien marked 999999. I have contacted with my branch manager and he told that account is  hold by cyber crime due to fraudulent activity and couldn't remove hold without investigation complete. I have traded in localbitcoins few months ago and all trades i have done with verified profiles with more than 1000 trades and reviews. Anyone faced similar issue? is any way to solve it and back my bank account?   I never imagine such an issue because all trades i have done with great profiles listed there with good review.

Thank You

[1715253767]

1715253767

[1715253767]

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[1715253767]

1715253767

[Poker Player]

In this case, you can only wait for the investigation to be resolved. I would like to tell you that if you have not done anything wrong, don't worry. But I would be worried if I had not done anything wrong and my account was frozen.

[YOSHIE]

is any way to solve it and back my bank account?

There is no way to recover your bank account, unless the only one is the local bank concerned.

If you have contacted your local bank manager, follow as he says, wait, after everything is safe.

Because the case that you experienced occurred in India, at least you can ask a little information about your case that made this topic: Solution for people with money stuck on zebpay  maybe he at least has a solution.

Or you can contact: edgycorner, and tell what you are experiencing at this time, hopefully he can help you solve this problem.

[Findingnemo]

Ask further details from your bank and particularly ask for the transactions which are market into lien (charge back) and crisis check with the receipts of your LocalBitcoins to find which transaction and buyer claimed the charge back.

If it is from LBC buyer then just ask the LBC support to block the trader until your issue got resolved.

[jo_looser1]

In this case, you can only wait for the investigation to be resolved. I would like to tell you that if you have not done anything wrong, don't worry. But I would be worried if I had not done anything wrong and my account was frozen.

Yes. Waiting for the update from bank. Its really pathetic without asking or informing before suspending bank account.  I have all the receipts and history of local bitcoin chat. If someone asked me amount it i will handover and easily find the scammer who did this. Better use zebpay or unocoin.

They haven't gave any informations about transactions. Id they provide details, i can easily find that scammer's lbc account and report the authorities and lbc team.

[Findingnemo]

In this case, you can only wait for the investigation to be resolved. I would like to tell you that if you have not done anything wrong, don't worry. But I would be worried if I had not done anything wrong and my account was frozen.

Yes. Waiting for the update from bank. Its really pathetic without asking or informing before suspending bank account.  I have all the receipts and history of local bitcoin chat. If someone asked me amount it i will handover and easily find the scammer who did this. Better use zebpay or unocoin.

They haven't gave any informations about transactions. Id they provide details, i can easily find that scammer's lbc account and report the authorities and lbc team.

Is this holiday season? They why it takes too long to get those details, just make them to hurry the thing to else the scammer might jump to another account and the previous account may not have anything to left on localbitcoin.

If they are not giving any details the proceed for account closure in that case they have to return any hold amount as well.

[jo_looser1]

In this case, you can only wait for the investigation to be resolved. I would like to tell you that if you have not done anything wrong, don't worry. But I would be worried if I had not done anything wrong and my account was frozen.

Yes. Waiting for the update from bank. Its really pathetic without asking or informing before suspending bank account.  I have all the receipts and history of local bitcoin chat. If someone asked me amount it i will handover and easily find the scammer who did this. Better use zebpay or unocoin.

They haven't gave any informations about transactions. Id they provide details, i can easily find that scammer's lbc account and report the authorities and lbc team.

Is this holiday season? They why it takes too long to get those details, just make them to hurry the thing to else the scammer might jump to another account and the previous account may not have anything to left on localbitcoin.

If they are not giving any details the proceed for account closure in that case they have to return any hold amount as well.

Bank manager said that he don't have any idea about transaction details. No one called from cyber police regarding same. So only option is to wait for a call from them or for next update from bank. I have read several forums that cyber police freeze updates and no followups after that. In India things are pretty slow. 

[Findingnemo]

snip~

Bank manager said that he don't have any idea about transaction details. No one called from cyber police regarding same. So only option is to wait for a call from them or for next update from bank. I have read several forums that cyber police freeze updates and no followups after that. In India things are pretty slow. 

AFAIK, cyber frauds will be notified to the bank and the bank can only freeze the accounts, so here police cannot freeze your bank account directly and it couldn't happen without the knowledge of bank.Try to contact with higher official and also their support system if it is available.

Better contact a legal advisor in your country to get better advice regarding how to handle this issue.

[stompix]

Ask further details from your bank and particularly ask for the transactions which are market into lien (charge back) and crisis check with the receipts of your LocalBitcoins to find which transaction and buyer claimed the charge back.

Nowhere on this planet will the police investigating fraud tell you what is wrong with your account and what transactions are involved before the end of the investigation.
For example, here banks are actually forced to not give out any information, anyone telling their clients any bit of information that was requested by the police also faces charges.

So only option is to wait for a call from them or for next update from bank.

Exactly! Contacting the bank and trying to get details about why this happened might be a waste of time when they unblock your account (if!) you will be notified, contacting the police will also be probably a waste of time as they will not give you any details nor they will need any statement from you as they would have asked you already.
Unfortunately, at this point, you're basically out of options. Hope you don't have all your money stuck with that bank account.

[Melloiga]

File an RTI to the bank and cyber cell if you do not get a response from them. That would help you get clarification from bank or from cyber cell about which transaction went bad. Inform LBC if you haven't done so already and tell them you're waiting for the information of the transaction.

Did you took receipt from the buyers? Did you made sure that the person you received money from is the same person with whom you were dealing with on LBC? Did you download your e-statement prior to the seize? If you did, check it and match the person's name you dealt with and see if you can find a transaction that does not matches the trader from LBC.

Make a list of people with who you have traded with. Check to see if their phone numbers are listed on their profiles. Take screenshots of every trade you had there. If you have done nothing wrong then you have nothing to worry about. But your money might get held for a long time. And you might have to pay back whatever sum was defrauded for and a fine too. And last but not the least, hire a good lawyer.

[Findingnemo]

Ask further details from your bank and particularly ask for the transactions which are market into lien (charge back) and crisis check with the receipts of your LocalBitcoins to find which transaction and buyer claimed the charge back.

Nowhere on this planet will the police investigating fraud tell you what is wrong with your account and what transactions are involved before the end of the investigation.
For example, here banks are actually forced to not give out any information, anyone telling their clients any bit of information that was requested by the police also faces charges.

But seizing funds without enough proof is also against the law right, I am not sure how a bank cannot say which of your transaction got charged back!

[NotFuzzyWarm]

But seizing funds without enough proof is also against the law right

Depends on the country.
In the US, civil forfeiture laws not only DO allow seizure of assets on suspicion of a crime but also in many states DO NOT require that assets be returned if investigations end without prosecution!

While fairly rare, there are numerous instances of that happening here in the US every year. When it does happen the only recourse is to file a civil suit against the authorities involved to recover the assets. Because the rules of evidence in civil suits are far more loose regarding what is allowed or not allowed the outcome of that is not always in your favor...

[dothebeats]

In the US civil forfeiture laws not only DO allow seizure of assets on suspicion of a crime but also in many states DO NOT require that assets be returned if investigations prove no crime is found!

While usually not the case, there are numerous instances of that happening here in the US every year. When it does happen the only recourse is to file a civil suit against the authorities involved to recover the assets and the outcome of that is not always in your favor...

Wow, this sounds really awful. If I were wrongly accused of something that I haven't done concerning my properties and whatever the hell I did with it and it happens on a state where this law applies, I would be pissed big time and just move my shit out of that mess. That's robbery in broad daylight if they haven't returned any seized assets that were proved to be clean.

As for OP, one logical course of action here is doing nothing and just wait for the development of this investigation. Requesting certain information--this case what transactions are under investigation--under RTI on the bank which froze your account is also a good thing, though with the way how the bank and the law enforcement is acting on the matter, getting their cooperation can prove to be very tricky.

[stompix]

But seizing funds without enough proof is also against the law right, I am not sure how a bank cannot say which of your transaction got charged back!

It's not up to the bank to decide if there are proofs or not for an account to be frozen or suspended in this case.

Once a police department finds or is tipped of something unusual happening, a person involved in what they think is a suspicious activity they will investigate and take this matter over a prosecutor, if he decides there are enough proof he informs the bank and the bank has nothing else to do than obey.

As for disclosure of evidence in such a case, most countries have laws against it.
At this point the bank can't help the OP, his the only chance is to try and speed up his process, by requesting a meeting with his local branch of the police or try to contact the financial ombudsman in order to verify if his account is indeed frozen following a police request and is not a stupid mistake.

[NotFuzzyWarm]

I wouldn't wait for investigations to be complete. Instead, I would take part in it and provide any information required. As you haven't done anything wrong, it would help if you liaised with the bank and the police to get to the root of this. Get actively involved.

I agree 100%. Folks under investigation who immediately go on the offensive are just putting a bigger target on their back. Assuming that you have done nothing wrong or even questionable, showing that you are not only willing but also eager to assist the investigation is always a good thing.

[jo_looser1]

I wouldn't wait for investigations to be complete. Instead, I would take part in it and provide any information required. As you haven't done anything wrong, it would help if you liaised with the bank and the police to get to the root of this. Get actively involved.

Somehow managed to get email from branch manager and emailed twice to the police station registered that case. Its far from my place. No one replied to my email and i clearly specified i'm willing to provide all details of transactions from and to my account. Also called to their number and provided account details. The sad fact is they don't even talk english or no one know in their office.  Somehow managed to inform about the issue and their reply was not overwhelming and just casual as we will check.

Just made an enquiry regarding same to an advocate and he told its usually happen anytime in India . He know tons of guy lost their account while doing business and no followup from anyone after blocking accounts.

[Slow death]

Hi,

Few days ago my state  bank of India account  was hold with a lien marked 999999. I have contacted with my branch manager and he told that account is  hold by cyber crime due to fraudulent activity and couldn't remove hold without investigation complete.

how much money have you moved into your account?

Generally, these types of cases only happen when the person has exhausted the annual limit stipulated by the central bank, commercial banks are unlikely to be scrutinizing each customer's account unless they are customers who move a lot of money.

In your case I recommend that you look for a bank employee who is known to you (someone who is trustworthy) to get into your bank account and tell you exactly what is happening with your bank account. If you do not have any bank employee who is your friend or acquaintance to help you then you will hardly have help.

Another suggestion would be that you try to get in direct contact with the bank's headquarters and not with the branches

I have traded in localbitcoins few months ago and all trades i have done with verified profiles with more than 1000 trades and reviews.

localbitcoin is full of scammers who sell stolen bitcoin, so don't be thinking that you're dealing with some super honest website.

I never imagine such an issue because all trades i have done with great profiles listed there with good review.

banks are a nightmare

[dothebeats]

Just made an enquiry regarding same to an advocate and he told its usually happen anytime in India . He know tons of guy lost their account while doing business and no followup from anyone after blocking accounts.

Well this is just a sad case, then, as even the RTI wouldn't really do much if they are behaving this way, outright uncooperative and unfair. I wouldn't bet too much on this problem to get resolved in the shortest time possible not unless this gets wide coverage and people are made aware of how scummy and how ineffective their investigation process is. I've dug deeper on how investigations such as this happens on India, and most of the time banks are just following the directives of the law enforcement and they pretty much don't have any say on these kinds of investigation.

[Findingnemo]

I wouldn't wait for investigations to be complete. Instead, I would take part in it and provide any information required. As you haven't done anything wrong, it would help if you liaised with the bank and the police to get to the root of this. Get actively involved.

Somehow managed to get email from branch manager and emailed twice to the police station registered that case. Its far from my place. No one replied to my email and i clearly specified i'm willing to provide all details of transactions from and to my account. Also called to their number and provided account details. The sad fact is they don't even talk english or no one know in their office.  Somehow managed to inform about the issue and their reply was not overwhelming and just casual as we will check.

Just made an enquiry regarding same to an advocate and he told its usually happen anytime in India . He know tons of guy lost their account while doing business and no followup from anyone after blocking accounts.

If the amount left in your account before locking is huge then I would advice you to proceed legal actions then you can know the exact reasons or it may take years to any actions regarding your cases in India in my opinion.

[avikz]

Hi,

Few days ago my state  bank of India account  was hold with a lien marked 999999. I have contacted with my branch manager and he told that account is  hold by cyber crime due to fraudulent activity and couldn't remove hold without investigation complete. I have traded in localbitcoins few months ago and all trades i have done with verified profiles with more than 1000 trades and reviews. Anyone faced similar issue? is any way to solve it and back my bank account?   I never imagine such an issue because all trades i have done with great profiles listed there with good review.

Thank You

Firstly please let us know the account names with whom you had traded in last couple of months. So that we can avoid trading with them.

Secondly, if the account is freezed for investigation by the police, then the chance is very little that you will get back your account ever in your life! So if the amount is small, it's better to forget about it. Otherwise, hire a lawyer and file a court case as well as involve consumer protection forum into that. That's the only way you will get back your account.

[eaLiTy]

Secondly, if the account is freezed for investigation by the police, then the chance is very little that you will get back your account ever in your life! So if the amount is small, it's better to forget about it. Otherwise, hire a lawyer and file a court case as well as involve consumer protection forum into that. That's the only way you will get back your account.

He will get his account back, once they froze the account because of illegal activities they will ask you to present yourself for questioning and if you could give them the proper answer and provide the proof of transaction which the OP can very well submit the details from his local bitcoin account and then you will not get into trouble, but he will not get the amount credited through hacked account.

[stompix]

He will get his account back,

Why are you so sure?

once they froze the account because of illegal activities they will ask you to present yourself for questioning

Have you read what the Op said? that is exactly what is NOT happening!

and then you will not get into trouble,

Again, how do you know that?

but he will not get the amount credited through hacked account.

What hacked account? Whoever said anything of a hacked account?

Generally, these types of cases only happen when the person has exhausted the annual limit stipulated by the central bank, commercial banks are unlikely to be scrutinizing each customer's account unless they are customers who move a lot of money.

If that might be the case for the OP, then he will have to deal with another headache even if the gets away and recovers his account.
He will have to file all that as gains for trading and pay tax on income now that he has had an investigation on those funds, if it is not and the sum is small he might be indeed better simply forgetting about it.

[NotFuzzyWarm]

A perfect example of governmental asset seizure abuse was in the UK in 2009
As for recovering your assets well, " Many have struggled to recoup their money and possessions, been forced into legal trench warfare with police lawyers and told they must prove how they came by the contents of their boxes. " says it all...

[Melloiga]

One thing I wanted to ask you OP. Did you sell by posting a trade advertisement or just accepted seller/s offer and sold bitcoins through that? Also, did you check the traders on LBC, are they still actively trading or one of them hasn't been online in some time?

[jo_looser1]

One thing I wanted to ask you OP. Did you sell by posting a trade advertisement or just accepted seller/s offer and sold bitcoins through that? Also, did you check the traders on LBC, are they still actively trading or one of them hasn't been online in some time?

I have done trades with listed ads. Means i sell btc from my mining income with listed ads. Mostly small amounts as i withdraw from cloud mining contracts. I preferred ads with trade history of minimum 1000 trades with 100% good reviews. Also trade volume is not huge . Majority of them are active now. By the way i have stopped trading in lbc and moved to exchange. Zebpay and unocoin are available right now. I thought they are not providing services like changing btc into fiat.  By the way they are working fine now and plan to leave peer to peer platforms and they are not feeling safe. Also amount is my bank is not a big amount. So i plan to call bank manager frequently and wait for an update from my bank instead of spending a lot to lawyers .  

[Melloiga]

I have done trades with listed ads. Means i sell btc from my mining income with listed ads. Mostly small amounts as i withdraw from cloud mining contracts. I preferred ads with trade history of minimum 1000 trades with 100% good reviews. Also trade volume is not huge . Majority of them are active now. By the way i have stopped trading in lbc and moved to exchange. Zebpay and unocoin are available right now. I thought they are not providing services like changing btc into fiat.  By the way they are working fine now and plan to leave peer to peer platforms and they are not feeling safe. Also amount is my bank is not a big amount. So i plan to call bank manager frequently and wait for an update from my bank instead of spending a lot to lawyers .  

Good to know that the amount was not big and you're not worried about it. But I still wish you all the best and I hope you get your account and money back minus the transaction which went bad. Please do not stop pursuing this because all accounts are now linked with PAN and Aadhar and it is not very difficult for authorities to track them.

You say that the many of them are still active. Check the non-active ones and see if you can find out something. Read negative reviews left to all of them and see if someone else reported something about charge-back or stuff like that.

And if you do happen to find out the culprit who did this. Kindly, let us all know. So, we can avoid them.

As the saying goes 'One bad Fish spoils the whole Pond', action of one bad trader will affect so many others and even the rating of the platform.

[Findingnemo]

One thing I wanted to ask you OP. Did you sell by posting a trade advertisement or just accepted seller/s offer and sold bitcoins through that? Also, did you check the traders on LBC, are they still actively trading or one of them hasn't been online in some time?

I have done trades with listed ads. Means i sell btc from my mining income with listed ads. Mostly small amounts as i withdraw from cloud mining contracts. I preferred ads with trade history of minimum 1000 trades with 100% good reviews. Also trade volume is not huge . Majority of them are active now. By the way i have stopped trading in lbc and moved to exchange. Zebpay and unocoin are available right now. I thought they are not providing services like changing btc into fiat.  By the way they are working fine now and plan to leave peer to peer platforms and they are not feeling safe. Also amount is my bank is not a big amount. So i plan to call bank manager frequently and wait for an update from my bank instead of spending a lot to lawyers .  

Still you are making from cloud mining.

Even you need bank account to convert the bitcoins to fiat in exchanges so this will not solve your issue, better find alternative payments to bank mode until the issues get resolves.

[AnonBitCoiner]

Actually you was unlucky and one of my friend in India was trading more than 500$ every week and he was not captured yet.So it was a random capture.And you should use of private to the transaction of cryptocurrency.Now bitcoin and cryptocurrency was a legal one.So you should go again and ask a bank .

[Mahanton]

One thing I wanted to ask you OP. Did you sell by posting a trade advertisement or just accepted seller/s offer and sold bitcoins through that? Also, did you check the traders on LBC, are they still actively trading or one of them hasn't been online in some time?

I have done trades with listed ads. Means i sell btc from my mining income with listed ads. Mostly small amounts as i withdraw from cloud mining contracts. I preferred ads with trade history of minimum 1000 trades with 100% good reviews. Also trade volume is not huge . Majority of them are active now. By the way i have stopped trading in lbc and moved to exchange. Zebpay and unocoin are available right now. I thought they are not providing services like changing btc into fiat.  By the way they are working fine now and plan to leave peer to peer platforms and they are not feeling safe. Also amount is my bank is not a big amount. So i plan to call bank manager frequently and wait for an update from my bank instead of spending a lot to lawyers .  

Its just dumb to spend up even more money by calling out some lawyers if the amount been talking on here isnt really that big.Any updates on this op?

This is my first time hearing up for bank freeze just because its being mandated with cybercrime division but actually it isnt really surprising for government to do such actions when they do saw some fraudulent activity.Its hard to oppose when you cant verify those people you've been trading off in LBC.

You wont have any choice but to wait up for the final investigation and keep posted or updated with the bank.

[Findingnemo]

One thing I wanted to ask you OP. Did you sell by posting a trade advertisement or just accepted seller/s offer and sold bitcoins through that? Also, did you check the traders on LBC, are they still actively trading or one of them hasn't been online in some time?

I have done trades with listed ads. Means i sell btc from my mining income with listed ads. Mostly small amounts as i withdraw from cloud mining contracts. I preferred ads with trade history of minimum 1000 trades with 100% good reviews. Also trade volume is not huge . Majority of them are active now. By the way i have stopped trading in lbc and moved to exchange. Zebpay and unocoin are available right now. I thought they are not providing services like changing btc into fiat.  By the way they are working fine now and plan to leave peer to peer platforms and they are not feeling safe. Also amount is my bank is not a big amount. So i plan to call bank manager frequently and wait for an update from my bank instead of spending a lot to lawyers .  

Its just dumb to spend up even more money by calling out some lawyers if the amount been talking on here isnt really that big.Any updates on this op?

This is my first time hearing up for bank freeze just because its being mandated with cybercrime division but actually it isnt really surprising for government to do such actions when they do saw some fraudulent activity.Its hard to oppose when you cant verify those people you've been trading off in LBC.

You wont have any choice but to wait up for the final investigation and keep posted or updated with the bank.

This is just normal if you are trading on paxful and LBC, not really a big surprise but I am surprised with the way of investigation here.Banks won't tell anything, and there will be no other questions just the freeze of his/her account looks strange to me.

[oprahwindfury]

In that case,the bank has this power to fix it.Keep patience and wait  for the bank update.Additionally, keep contract with bank manager And wish it would be solved very soon.just make sure to remind about your issue politely.

[Harlot]

I'm wondering why you have to find out your account was locked/frozen from the bank manager if it is related to fraudulent activities. Since if it was part of an investigation of any crime involved wouldn't the police or authorities be the one knocking down on your doors saying that you are involved in a crime? They must be the ones questioning you or at least lock you up since you are accused of doing the crime so I don't know why they are just doing the investigation by themselves without you being involved in any kind of query.

[stompix]

I'm wondering why you have to find out your account was locked/frozen from the bank manager if it is related to fraudulent activities. Since if it was part of an investigation of any crime involved wouldn't the police or authorities be the one knocking down on your doors saying that you are involved in a crime? .

No, real life is not like movies, especially in some countries.
The situation happens times after times and if you read around other forums especially dedicated to money transfers you will realize that the huge numbers of cases when police suspect transactions of being involved in money laundering is making private questioning of each individual almost impossible, they simply don't have the manpower for it.
So most of the cases are either getting solved by the owner when he comes and provides everything he needs himself or via his lawyer, by simply abandoning the money and let them rot in that account or if nothing is further linked from that account to something major by a simple unlock in which they will not even bother to tell you what happened.

The whole police coming at your door and taking you to question will only happen if you're involved in something major and you're already a suspect and they are afraid you might destroy evidence of further illegal stuff or you have lots of accomplices, for a few thousand dollars all you get is a file in a forgotten cabinet.

[eaLiTy]

He will get his account back,

Why are you so sure?

I went through the same process because i got funds from hacked accounts.

once they froze the account because of illegal activities they will ask you to present yourself for questioning

Have you read what the Op said? that is exactly what is NOT happening!

If you are doing transactions through P2P you cannot definitively identify the source of funds and the sender are the same individual and you might receive funds from hacked bank and UPI transactions. I never said the OP knowingly did any illegal activities but if you are receiving funds from hacked bank accounts then you will be booked and you need to explain what really happened to the investigating agency.

and then you will not get into trouble,

Again, how do you know that?

I explained that earlier, i received funds from hacked account while trading P2P back in 2015/ 2016 and the investigation reached me around 2017 if i remember correctly and hence i explained the procedure.

but he will not get the amount credited through hacked account.

What hacked account? Whoever said anything of a hacked account?

As explained earlier, he might have received funds from hacked bank account and hence his account is frozen and he will be asked to report for questioning by the investigating agency on how he got the funds.
 

[TalkStar]

If you are doing transactions through P2P you cannot definitively identify the source of funds and the sender are the same individual and you might receive funds from hacked bank and UPI transactions. I never said the OP knowingly did any illegal activities but if you are receiving funds from hacked bank accounts then you will be booked and you need to explain what really happened to the investigating agency.

Investigating agencies have their right to take proper explanation from the account holder who got the money from hacked bank account and its a part of investigation. I don't think anyone need to worry for that if he have confidence that he is clean or haven't done anything wrong. In a situation like this its better to cooperate with investigation team and giving proper information which will help investigators to detect actually what happened.

[Findingnemo]

If you are doing transactions through P2P you cannot definitively identify the source of funds and the sender are the same individual and you might receive funds from hacked bank and UPI transactions. I never said the OP knowingly did any illegal activities but if you are receiving funds from hacked bank accounts then you will be booked and you need to explain what really happened to the investigating agency.

Investigating agencies have their right to take proper explanation from the account holder who got the money from hacked bank account and its a part of investigation. I don't think anyone need to worry for that if he have confidence that he is clean or haven't done anything wrong. In a situation like this its better to cooperate with investigation team and giving proper information which will help investigators to detect actually what happened.

Even if we didn't commit any illicit activities still we are the one received the money finally so we are the one who hacked the money from that person's bank account.Sometimes laws sucks and this saves the criminals and let the innocents to face the punishments.

[aioc]

Better contact a legal advisor in your country to get better advice regarding how to handle this issue.

This is the best solution to your issue, it's better to contact a legal advisor than wait for them to resolve the issue on their own, you can present your written arguments and evidences so it will help your case to resolve.

I read that Cryptocurrency trading is ban in India maybe they are having a crackdown or some sort so you should present your arguments with the help of a lawyer.

[Clement Kaliyar]

I read that Cryptocurrency trading is ban in India maybe they are having a crackdown or some sort so you should present your arguments with the help of a lawyer.

There is no trading ban in India and all the exchanges are running smoothy despite the occasional fake news coming out about a complete ban. Here is this situation what he has to do is to if the bank authorities are delaying in sorting out his issue with the account he can approach the ombudsman and they will investigate the issue and sort them.

[Findingnemo]

I read that Cryptocurrency trading is ban in India maybe they are having a crackdown or some sort so you should present your arguments with the help of a lawyer.

There is no trading ban in India and all the exchanges are running smoothy despite the occasional fake news coming out about a complete ban. Here is this situation what he has to do is to if the bank authorities are delaying in sorting out his issue with the account he can approach the ombudsman and they will investigate the issue and sort them.

After reading others comments it looks like there will be no solution to this case for years because that much officials are not worried about their customers.Its unfortunate that we are losing our money to these banksters for no reason and this also the reason for the cryptocurrency evolvement.

[fuzebase]

Hi,

Few days ago my state  bank of India account  was hold with a lien marked 999999. I have contacted with my branch manager and he told that account is  hold by cyber crime due to fraudulent activity and couldn't remove hold without investigation complete. I have traded in localbitcoins few months ago and all trades i have done with verified profiles with more than 1000 trades and reviews. Anyone faced similar issue? is any way to solve it and back my bank account?   I never imagine such an issue because all trades i have done with great profiles listed there with good review.

Thank You

Do you collect KYC informations on your traders? If yes , you should be fine.

[mixerbtc]

It seems like banks worldwide have made it a mission to stop crypto adoption by closing down accounts which are related to digital currency usage. When will this end?

[malevolent]

Doesn't seem like it will end anytime soon with the way things have been heading for the past several years in much of the world: USA & FinCEN, EU & AMLD V, FATF & the travel rule. Things might become easier for the most compliant/servile of companies, with everyone else cut off from fiat on- and off-ramps.

[vaultman]

I think it is worth making the appropriate conclusions about the banking system in your country and no longer using banks. If there was no fraudulent activity on your part, then it is obvious that the bank is going too far. I just came across the experience of freezing suspicious transactions that were unfrozen upon a call to the bank, and then I had negative impressions after that. And if I were you, I would have withdrawn all the money after the investigation and would never put it in the bank again.

[Findingnemo]

I think it is worth making the appropriate conclusions about the banking system in your country and no longer using banks. If there was no fraudulent activity on your part, then it is obvious that the bank is going too far. I just came across the experience of freezing suspicious transactions that were unfrozen upon a call to the bank, and then I had negative impressions after that. And if I were you, I would have withdrawn all the money after the investigation and would never put it in the bank again.

You are talking about things which should be done after OP's cased solved but it seems the thread isn't get updated so it means there is no progress in this case and the account should be still on hold status.

[skyline65]

The transaction is a peer to peer transaction and no third party involve in sender and receiver. I think one of the person ( with whom you dealing with) would have done something wrong. That's why they track all the transaction and freeze the account. Yes ofcourese the review would be good, at that time that account holders didnot come in the surveillance. But if you would not do any thing wrong , thn you are safe .

But honestly this situation is very horrible . there should not be any problem with peer to peer transactions.