Got Scammed worth 7318.50 INR By user Nag1977 On Binance P2P

[CCMS]

As requested by UltraElite, I am posting detailed incident here . You will get to know what you shouldn't do !


Scammer : Nag1977

Google Pay Name : PASHAM NAGENDER

Platform : Binance P2P
Date : 8/7/2023

What Happened : Payment was made using upi ID : 9966442804@postbank .
                          The buyer made a chargeback and this user never replied to my chats after scamming me . This user is still scamming people . I can see him
                          online few hours ago . All of a sudden I received a message from my bank that 7k INR has went on HOld and I was asked to consult bank .
                          The bank then told me that the scammer has has complaint to MHA (Ministry Of Home Affairs) and said that I contacted him through insta and
                          he sent me money ! WTF man ! As said by Bank Manager , the money is still on hold and likely to continue . Never accept money using UPI
                          guys, never !Always verify third party name .


This incident shook me as I had lost earlier 5k INR while trying to contact zebpay customer care .

[libert19]

Never accept money using UPI

What's wrong with it?

And anyway if not upi then with what one should receive money with? Imps? Neft is slow so I don't think it's viable option for p2p transactions.

[pakhitheboss]

Never accept money using UPI

What's wrong with it?

And anyway if not upi then with what one should receive money with? Imps? Neft is slow so I don't think it's viable option for p2p transactions.

You can chargeback a UPI transaction instantly. The amount gets reversed within 24 to 48 hours back to the sender's account. The receiver can dispute it but there is no guarantee that the money will get released. Whereas if you use NEFT, RTGS or IMPS it is impossible to reverse a transaction. The sender can only dispute it with the bank, for which the sender needs to visit his branch and provide valid reason for the dispute.

Most P2P transaction made using UPI are being chargeback by merchants who are making good amount by such scam. You can report it to the Police but it won't get solved on the same day. Our justice system takes time to apprehend these scammers. Some of them do get caught but they come out on bail and again start the same scam using different name.

Avoid P2P unless you get some guarantee by the platform providing the service.

[TheUltraElite]

Well firstly, I would suggest removing the personal data of the scammer from the OP, this is not an "Investigations" section/ Doxing is not allowed here.
Secondly, thanks for posting this, such information will help others in similar position.

Chargeback is something we have to take the risk of in such methods of payment. Paypal has been notorious in such cases previously when digital payments in India was still a thinktank blueprint.

Even an escrow cannot save you in such cases they can force the chargeback months after the payment is completed.

Has the OP started taken any legal steps yet/contacted the Law enforcement? Those guys in uniform are worth trying, such cases are not completely unknown to them.

I would also like to ask because I have not used Binance P2P myself - is UPI part of their system or did you deal with them after getting their offer away from Binance P2P, meaning outside the site?

[CCMS]

Well firstly, I would suggest removing the personal data of the scammer from the OP, this is not an "Investigations" section/ Doxing is not allowed here.

Thanks for this suggestion but how do you think other people will stay away from these kind of scammers if personal data is not posted??
Yes legal action taken but it will not help and there will be a hold in money forever I guess. Also, UPI is normal banking payment system not linked with Binance.
Today, 70 Lakh Mobile Numbers have got blocked due to these scams.

[Bitcoin Smith]

Well firstly, I would suggest removing the personal data of the scammer from the OP, this is not an "Investigations" section/ Doxing is not allowed here.

Thanks for this suggestion but how do you think other people will stay away from these kind of scammers if personal data is not posted??
Yes legal action taken but it will not help and there will be a hold in money forever I guess. Also, UPI is normal banking payment system not linked with Binance.
Today, 70 Lakh Mobile Numbers have got blocked due to these scams.

70 Lkah mobile numbers was blocked due to they were issued for same Aadhaar number and the cap limit for one aadhaar is to buy 10 mobile numbers.

Now, let's talk about how can you avoid these kind of scams.

1. First you need to choose the right trading partner, someone with highest ratings, trading volume, positive feedback not based on the price offered.

2. I don't think accepting payments via UPI is not a problem when the trading partner is trusted.

3. Now you lost 7K which may not be possible to recover but you can stop the user from doing such practices in future ith anyone by reporting it to the customer support and I dealt similar kind of scammers on Paxful and LBC and managed to lock their accounts with all their balance forever and they will run back to you and pay and beg to revoke the support ticket.

[Bureau]

Chargeback and reporting a transaction as a scam has been an ongoing issue. Binance P2P is not a safe haven for anyone who wants to avoid a 30 percent tax. As per my understanding, the 1% percent TDS is a big issue, and if someone thinks it is not that then that individual is a fool.

The 30 percent Tax is only applicable when you make a profit. Now, if I am someone who does not make any profit as I sell my crypto on the same day then the government cannot question me or can charge me that incredible tax bracket. It is so simple to understand and yet a lot of guys like you are falling into the trap of scammers. Please try to read our local board pin topics before getting into a situation for which you now regret as you lost money.

[CCMS]

The 30 percent Tax is only applicable when you make a profit.....

So , is it BEST to deposit your crypto to Zebpay directly for an easy withdraw of the funds ?

[Bitcoin Smith]

The 30 percent Tax is only applicable when you make a profit.....

So , is it BEST to deposit your crypto to Zebpay directly for an easy withdraw of the funds ?

If 30% tax rate is not a concern for you then the most secured way is to use any centralized exchange that has INR pairs, I would recommend wazirx cause it has more trading volume than zebpay as far as I observed and their withdrawal of INR via IMPS is instant whenever I tried it so highly recommended.

[pakhitheboss]

The 30 percent Tax is only applicable when you make a profit.....

So , is it BEST to deposit your crypto to Zebpay directly for an easy withdraw of the funds ?

Whenever you deposit any cryptocurrency on an Indian exchange and if you sell it on the same day without any changes on the price then you won't incur 30% tax. Tax is only applicable on capital gain, for example the best crypto to be transferred on an Indian exchange for conversion into fiat is USDT. The reason being the price of USDT hardly changes as it is pegged to USD.

The only issue is 1% TDS to avoid that use international exchange where KYC is not required. There are a few centralized exchanges left that offer no kyc trading whereas all DEX offer the trading without any kyc.

[pawanjain]

As requested by UltraElite, I am posting detailed incident here . You will get to know what you shouldn't do !


Scammer : Nag1977

Google Pay Name : PASHAM NAGENDER

Platform : Binance P2P
Date : 8/7/2023

What Happened : Payment was made using upi ID : 9966442804@postbank .
                          The buyer made a chargeback and this user never replied to my chats after scamming me . This user is still scamming people . I can see him
                          online few hours ago . All of a sudden I received a message from my bank that 7k INR has went on HOld and I was asked to consult bank .
                          The bank then told me that the scammer has has complaint to MHA (Ministry Of Home Affairs) and said that I contacted him through insta and
                          he sent me money ! WTF man ! As said by Bank Manager , the money is still on hold and likely to continue . Never accept money using UPI
                          guys, never !Always verify third party name .


This incident shook me as I had lost earlier 5k INR while trying to contact zebpay customer care .

Doesn't binance handle the disputes in case there is any ? What happened in this case ? Did binance do anything ?
I always wanted to know what binance does in such cases of disputes.

With the rise of such scammers, it's only becoming more difficult to exchange crytpo to fiat.

[CCMS]

Doesn't binance handle the disputes in case there is any ? What happened in this case ? Did binance do anything ?
I always wanted to know what binance does in such cases of disputes.

With the rise of such scammers, it's only becoming more difficult to exchange crytpo to fiat.

Binance couldn't be of any help actually. I had reported that guy but he seems to be fully functional with no effect.

[Bureau]

Doesn't binance handle the disputes in case there is any ? What happened in this case ? Did binance do anything ?
I always wanted to know what binance does in such cases of disputes.

With the rise of such scammers, it's only becoming more difficult to exchange crytpo to fiat.

Binance couldn't be of any help actually. I had reported that guy but he seems to be fully functional with no effect.

I don't understand why Binance did not help you with this scam. When you contacted their support what did they say about this issue of yours? It is better to avoid Binance P2P for now there are other exchange that are much safer than Binance. Bank account freeze has been going up whenever someone deals with them.

[Bitcoin Smith]

Doesn't binance handle the disputes in case there is any ? What happened in this case ? Did binance do anything ?
I always wanted to know what binance does in such cases of disputes.

With the rise of such scammers, it's only becoming more difficult to exchange crytpo to fiat.

Binance couldn't be of any help actually. I had reported that guy but he seems to be fully functional with no effect.

I don't understand why Binance did not help you with this scam. When you contacted their support what did they say about this issue of yours? It is better to avoid Binance P2P for now there are other exchange that are much safer than Binance. Bank account freeze has been going up whenever someone deals with them.

These disputes will be handled and I am sure Binance will freeze the user account with all the balance left if OP contacted them with necessary proofs. But generally if money went on hold won't be shown in our bank statement which we can only get via banking side which may even require police or cyber crime complaint copy.

[CCMS]

I don't understand why Binance did not help you with this scam. When you contacted their support what did they say about this issue of yours? It is better to avoid Binance P2P for now there are other exchange that are much safer than Binance. Bank account freeze has been going up whenever someone deals with them.

They did not say anything and I am not sure what they have done regarding this as after few days, I still saw him online and I am sure that I would still see him online. The complainant had made a complaint on MOHA so the amount is still on hold.