Lost 4 lakhs in Binance P2P scam.

[krems_hive]

Earlier this year my SBI bank account was frozen because I did 3 P2P transactions of 2 lakhs each. The guy asked me if he can do third-party transfer and I didn't know about any of these scams back in Jan and said fine. He sent those funds from some Hotel/Restaurant account. Which I can see on bank statement. Never thought of it.

Then in March, my bank account was frozen, bank manager called and gave some docs saying someone in Bihar lost 2 crores someone in MP lost 30 lakhs and 6 lakhs of those funds came to my account. 2 lakhs Layer 2. 4 lakhs Layer 4. Complaint of victim who lost those funds and how they lost it and tons of bank tx from scammer account how they moved those funds. Bihar, MP cyber cell asking bank and bank hq asking local bank manager to freeze my whole account mails. And some court proceedings etc. Probably 50 pages total.

I am from Telangana and I sent all these docs to my lawyer friends and they said, it's third-party in your Binance P2P and victims complaints are legit. So, either you have to visit those police stations and fight in those states courts or give up those funds. Nothing much you can do.

I am reeling from that and a week or so later I got call from local district headquarters cyber cell and asked me about my occupation and asked me to visit them and provide information about my bank and my transactions how I got those funds and such so they can clear my name.

I went and provided everything on top of 10k bribe to clear my name from this huge 2.3 crores scam. From the docs I got from bank manager, I can see like 30 pages of transactions where the funds went. 3 transactions end up in my account. 100s more in random accounts in random banks all over country. Not even sure why I have to prove my innocence here. But hey, it's just local cyber cell guys just want some bribes.

Then somehow randomly, hold on my account was removed and 2 lakhs from MP case became free. I moved all my funds 2 from this case and 2 more of my other funds stuck because of account freeze to another bank acc and withdrawn. 4 lakhs still stuck. Met bank manager and he said it happened randomly we don't know. They probably cleared you from case you are free to take those but 4 lakhs still stuck.

In mid July bank manager got court order to transfer 4 lakhs which were frozen from my acc to victim in Bihar it seems. He said, I have to visit courts and stop this and send him update asap or he will have to transfer as per ruling. 2 of my lawyers said it's lost cause, victim probably bribed heavily local police/cyber cell/courts that's why they moved so fast in freezing and court order and all. You have to spend weeks in Bihar talking to police, filing court cases and all and probably bribe and spend around 2 lakhs (including travel and stay) with 50/50 chances of getting back my 4 lakhs (given the original victim also legit and I did third-party p2p) and be away from my work for weeks. So I gave up on that idea.

Last week bank manager did the transfer and it's done. Is there anything I should have done differently?

[Bitcoin Smith]

Last week bank manager did the transfer and it's done. Is there anything I should have done differently?

Which bank it is?

Banks shouldn't reverse any transaction even if the reason is proven with all the documents, I have never seen a bank moving funds on lien and give back to a victim, they will just hold the account along with funds in it and only you need to pay the victim then the funds in your account will be released by the bank once the investigation officer give NOC certificate.

You can take this to court against the bank, but it can be a tiring/ long process.

[krems_hive]

Last week bank manager did the transfer and it's done. Is there anything I should have done differently?

Which bank it is?

SBI

[Bitcoin Smith]

SBI

I did some research and also someone from the reddit also said that the funds were reversed not just on hold but it is rare still it is possible. However banks can't reverse a transaction it is only possible when the court passed the order and it comes under the procedure of "returning the stolen property to the rightful owner". And the worst thing is we can't really prove much that we are not involved here since investigation officer may not have any idea about how p2p trading works and you sold something to get the funds in your account but it is what it is and it is only possible to avoid when we can sell our bitcoin directly to exchanges.

Read these threads too

1. Why bank freeze happens - Detailed version
2. How to Unfreeze bank account - Detailed version

[IIrik11]

Earlier this year my SBI bank account was frozen because I did 3 P2P transactions of 2 lakhs each. The guy asked me if he can do third-party transfer and I didn't know about any of these scams back in Jan and said fine. He sent those funds from some Hotel/Restaurant account. Which I can see on bank statement. Never thought of it.

buy BTC p2p through bank transfer and then yell fraud and file a complaint and get ur fiat back too, profit!

maybe it was a hotel employee or maybe even the hotel was in on the scam

jamtara happening all over india, smh!!

[krems_hive]

Earlier this year my SBI bank account was frozen because I did 3 P2P transactions of 2 lakhs each. The guy asked me if he can do third-party transfer and I didn't know about any of these scams back in Jan and said fine. He sent those funds from some Hotel/Restaurant account. Which I can see on bank statement. Never thought of it.

buy BTC p2p through bank transfer and then yell fraud and file a complaint and get ur fiat back too, profit!

maybe it was a hotel employee or maybe even the hotel was in on the scam

jamtara happening all over india, smh!!

Nah I read the original victim court doc and compliant letter/fir which I got from bank manager. They said they were scammed via investment route. Invest 50 lakhs you will get 1 crore such types. Scammers have an app (like zerodha) or something to take money and show fake profits and let them withdraw some/all profits. Get them to invest more and more and after sometime scam them. Something like that.

Then they use tons of bank accounts to route these funds finally crypto p2p so it's not traceable.

Thing is, the p2p seller on Binance has 1000 reviews all good. And in the week of trade I did, they started getting 10s of bank account freeze reviews. Which started after my trade. So, they are maintaining good Binance accounts for months and then using them to do this scam. Or buying Binance accounts.

[Bitcoin Smith]

Or buying Binance accounts.

People are buying Binance accounts for sure and you can evensee the advertisements in featured Instagram story ad slots where some unknown account post 'looking to buy Binance account'.

And the only reason that someone buys it is to scam people and hide their identity when government officials start looking for the criminal.

No one should sell their KYCed accounts even if someone is ready to pay a huge money because the risk associated will be much bigger and if things become worse the person can end up behind bars for years. Never sell your identity.

Unfortunately it is possible to get IDs even for free in India since we are giving away our Aadhaar details and mobile number for every purchase.

[ritik8288]

Or buying Binance accounts.

People are buying Binance accounts for sure and you can evensee the advertisements in featured Instagram story ad slots where some unknown account post 'looking to buy Binance account'.

And the only reason that someone buys it is to scam people and hide their identity when government officials start looking for the criminal.

No one should sell their KYCed accounts even if someone is ready to pay a huge money because the risk associated will be much bigger and if things become worse the person can end up behind bars for years. Never sell your identity.

Unfortunately it is possible to get IDs even for free in India since we are giving away our Aadhaar details and mobile number for every purchase.

the people who sell KYCed accounts of binance, its not on their own documents, its on registered on someone elses ids.


even if u get the id's for free in india it is still not easy to do so because binance registration is no more peice of cake, u have to move ur face 180 degree left and right and it should match with the id,, the only way to get around this is deepfake ai bs but yea,

[IIrik11]

Earlier this year my SBI bank account was frozen because I did 3 P2P transactions of 2 lakhs each. The guy asked me if he can do third-party transfer and I didn't know about any of these scams back in Jan and said fine. He sent those funds from some Hotel/Restaurant account. Which I can see on bank statement. Never thought of it.

buy BTC p2p through bank transfer and then yell fraud and file a complaint and get ur fiat back too, profit!

maybe it was a hotel employee or maybe even the hotel was in on the scam

jamtara happening all over india, smh!!

Nah I read the original victim court doc and compliant letter/fir which I got from bank manager. They said they were scammed via investment route. Invest 50 lakhs you will get 1 crore such types. Scammers have an app (like zerodha) or something to take money and show fake profits and let them withdraw some/all profits. Get them to invest more and more and after sometime scam them. Something like that.

Then they use tons of bank accounts to route these funds finally crypto p2p so it's not traceable.

Thing is, the p2p seller on Binance has 1000 reviews all good. And in the week of trade I did, they started getting 10s of bank account freeze reviews. Which started after my trade. So, they are maintaining good Binance accounts for months and then using them to do this scam. Or buying Binance accounts.

yeah, i understand

there was a company in our town and they were advertising a shitcoin as the next bitcoin

and they had proper office and staff and everything, i went with my uncle's friend there long time back before corona

after visiting it and hearing their scheme we came out and i told my uncle's friend that this is a scam

and he agreed with me but without even telling me went behind my back and invested more than 2 lakhs in it

a year or so later, they vanished, took all the money and everything and that is when he told us that he had invested

but because they were advertising it as cryptocurrency and not ponzi, all the idiots who put in money think that it was fault of bitcoin

and this is why bitcoin and crypto is frowned upon and looked as it it is something bad

but the sad part is the govt. institutions instead of catching these fraudsters harass the genuine traders such as yourself

[pawanjain]

Or buying Binance accounts.

People are buying Binance accounts for sure and you can evensee the advertisements in featured Instagram story ad slots where some unknown account post 'looking to buy Binance account'.

And the only reason that someone buys it is to scam people and hide their identity when government officials start looking for the criminal.

No one should sell their KYCed accounts even if someone is ready to pay a huge money because the risk associated will be much bigger and if things become worse the person can end up behind bars for years. Never sell your identity.

Unfortunately it is possible to get IDs even for free in India since we are giving away our Aadhaar details and mobile number for every purchase.

Thats quite shocking. I never expected that people would go to such an extent.
Buying binance accounts to scam others and bankers reversing money from our accounts 
Well, seems like bitcoin is proving itself worthy again and again to keep holding for.

[Bitcoin Smith]

Thats quite shocking. I never expected that people would go to such an extent.
Buying binance accounts to scam others and bankers reversing money from our accounts 
Well, seems like bitcoin is proving itself worthy again and again to keep holding for.

They don't know the real reason why people are buying and tempting with 10000INR just to verify an account is tempting for most users because they don't even have any idea what is Binance so these scammers just brainwash in any way and convince that they need the account for legitimate use case and that's why people still fall.

even if u get the id's for free in india it is still not easy to do so because binance registration is no more peice of cake, u have to move ur face 180 degree left and right and it should match with the id,, the only way to get around this is deepfake ai bs but yea,

We could differentiate deepfake videos very easily a year back but nowadays it is even possible to create video and audio just with the prompt alone and it looks completely realistic so in that case these face rotation from exchange for verification may not stand a chance because scammers are more updated than theses companies so as user we should be careful with where we share our KYC details.

[pawanjain]

Thats quite shocking. I never expected that people would go to such an extent.
Buying binance accounts to scam others and bankers reversing money from our accounts 
Well, seems like bitcoin is proving itself worthy again and again to keep holding for.

They don't know the real reason why people are buying and tempting with 10000INR just to verify an account is tempting for most users because they don't even have any idea what is Binance so these scammers just brainwash in any way and convince that they need the account for legitimate use case and that's why people still fall.

10k INR is still a big amount for lower class people. I have seen people giving away their votes during elections for a mere amount of 1k - 2k.
No wonder they are willing to give away their KYC details for such amounts.
But what I don't get is, how are they getting such good reviews for their trades.
May be they are doing genuine trades at the beginning to gain reputation and then start scamming at one point.

[Bitcoin Smith]

But what I don't get is, how are they getting such good reviews for their trades.
May be they are doing genuine trades at the beginning to gain reputation and then start scamming at one point.

Because they will send us the real money and our bank will let us withdraw the money since this is used by the hackers to launder money there will be no immediate effect and we will be thinking that we are lucky to sell our cryptos over the market price and got the money too but all of a sudden in the next few weeks or months we will receive an SMS saying our bank account is marked lien for x amount and then only we will realize we are f*cked and by that time the scammer will move to another new account and keep repeating the cycle with no issues while the real user will fall victim and losing the money in their bank.