P2P trader received notice for 7.10 Crores from his bank

[Bitcoin Smith]

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This image is spreading over the social media where the user received the notice from his IOB bank for 7.1crore along with FIR no but not sure the FIR is marked on the person who received this notice or his is just part of the layer.

Just another day in Indian crypto space, government should make the crypto regulations easier so that exchanges can have INR trading pairs that will saves lakhs of traders from losing the bank account along with balance.

[pawanjain]

You're right. Just recently Russia announced that they will be creating crypto regulations framework and capping it to $4k per year.
We also heard about US launching their CLARITY act where they will be setting up crypto regulations so that investors can seek better clarity.
Thus allowing bigger companies to safely invest money in crypto but here we have India doing nothing but raising taxes on everything.
Taxes are increasing day by day whereas the services they provide are decreasing day by day.

[jijihabixiqu]

The divergence in approaches between India and the countries mentioned as examples (Russia and the US) is quite clear. At least there, they’re trying to provide reasonable frameworks and legal clarity. Here, the approach mostly seems to be “tax everything and hope it sorts itself out.” In the end, it’s the regular users who suffer, not the ones these measures were originally meant to target.

[eaLiTy]

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Just another day in Indian crypto space, government should make the crypto regulations easier so that exchanges can have INR trading pairs that will saves lakhs of traders from losing the bank account along with balance.

Classic case of P2P trading gone wrong, you need to be careful whom you trade, especially from whom you receive money and the user in this case traded P2P with Binance around $2k worth but he received INR from a scammer who stole crores from multiple bank accounts and was washing the money through P2P and his account got flagged and put under lien.

The issue is that it takes a long time and i still have 2 bank accounts frozen and awaiting for the court order for the past couple of years.

There are many Indian exchanges with INR trading pair but you are bound to pay higher taxes or you can still carry on with P2P but make sure you only trade with trusted and verified users.

[Bitcoin Smith]

~
Just another day in Indian crypto space, government should make the crypto regulations easier so that exchanges can have INR trading pairs that will saves lakhs of traders from losing the bank account along with balance.

Classic case of P2P trading gone wrong, you need to be careful whom you trade, especially from whom you receive money and the user in this case traded P2P with Binance around $2k worth but he received INR from a scammer who stole crores from multiple bank accounts and was washing the money through P2P and his account got flagged and put under lien.

The issue is that it takes a long time and i still have 2 bank accounts frozen and awaiting for the court order for the past couple of years.

There are many Indian exchanges with INR trading pair but you are bound to pay higher taxes or you can still carry on with P2P but make sure you only trade with trusted and verified users.

First of all, good to see you back. Not much has changed regarding our board, but you might wanna know we got our own merit source now.

Now coming back to the topic, we can choose the right trader but often they might make a mistake that come and bites us because the layer goes way further than just one or two. So even if we choose the most trusted persons on the p2p platform we are still relying on a blind belief that they don't make any mistake.

I think CoinDCX is the only exchange got INR pair, and then there is Wazirx since they are back but I doubt we can trust them anymore so the options are not that much even if we are okay with the taxes.

[eaLiTy]

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First of all, good to see you back. Not much has changed regarding our board, but you might wanna know we got our own merit source now.

Thank you, there are many users in this space from our country but they are spread over other social media groups and majority are not aware of this community , hopefully will change eventually. Heisenberg_Hunter was the source i am aware, is there anyone new.

Now coming back to the topic, we can choose the right trader but often they might make a mistake that come and bites us because the layer goes way further than just one or two. So even if we choose the most trusted persons on the p2p platform we are still relying on a blind belief that they don't make any mistake.

It is true and then there are steps you can take to minimize unfortunate situations.

• Trade with merchants with 500 plus transactions in the past few months and have a higher trade completion rate around 95 is a good start
• Avoid UPI transactions completely, use IMPS or NEFT and make sure the Bank account name matches with the exchange account, If not refund the amount completely and cancel the trade.

I think CoinDCX is the only exchange got INR pair, and then there is Wazirx since they are back but I doubt we can trust them anymore so the options are not that much even if we are okay with the taxes.

The problem with CoinDCX is that they wanted to carry out video KYC often which is really irritating, i have done video KYC three times in the past and after a few months they wanted another video KYC (4th one) to carry on trading and that is when i stopped trading with them.

I am using CoinSwitch at the moment which has INR trading pair and everything is smooth.

[Bitcoin Smith]

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First of all, good to see you back. Not much has changed regarding our board, but you might wanna know we got our own merit source now.

Thank you, there are many users in this space from our country but they are spread over other social media groups and majority are not aware of this community , hopefully will change eventually. Heisenberg_Hunter was the source i am aware, is there anyone new.

H_H used to be a merit source but he asked the theymos himself to remove him from that position and got himself removed as well and then we went on without any source of merit for a year or more and then very recently most of the local boards got the merit source applications were approved so does ours too and @TheUltraElite is the current merit source from one among us.

Now coming back to the topic, we can choose the right trader but often they might make a mistake that come and bites us because the layer goes way further than just one or two. So even if we choose the most trusted persons on the p2p platform we are still relying on a blind belief that they don't make any mistake.

It is true and then there are steps you can take to minimize unfortunate situations.

• Trade with merchants with 500 plus transactions in the past few months and have a higher trade completion rate around 95 is a good start
• Avoid UPI transactions completely, use IMPS or NEFT and make sure the Bank account name matches with the exchange account, If not refund the amount completely and cancel the trade.

I will go further and avoid choosing UPI/IMPS or any mode of online payments and there is CDM which is safer but it works only for amount above 50K.

I think CoinDCX is the only exchange got INR pair, and then there is Wazirx since they are back but I doubt we can trust them anymore so the options are not that much even if we are okay with the taxes.

I am using CoinSwitch at the moment which has INR trading pair and everything is smooth.

This is new information, I will check that out but Indian exchanges got there weird rules like if we deposit INR payment, then the ability to withdraw crypto to our wallet address will be disabled so we can only buy or sell but can't move the funds anywhere.

[Jimmymoriarty]

• Trade with merchants with 500 plus transactions in the past few months and have a higher trade completion rate around 95 is a good start
• Avoid UPI transactions completely, use IMPS or NEFT and make sure the Bank account name matches with the exchange account, If not refund the amount completely and cancel the trade.

As someone who regularly uses Binance, I can confidently tell you that it's best to stick to traders with both ratings at 99% minimum with decent number of trades over a couple of years since they are easily the best ones on the entire platform period. UPI, IMPS etc are all good when it comes to these traders.

Digital rupee payment method tends to attract higher offers, but I prefer sticking to traditional UPI and IMPS instead.

[Cointikka]

H_H used to be a merit source but he asked the theymos himself to remove him from that position and got himself removed as well and then we went on without any source of merit for a year or more and then very recently most of the local boards got the merit source applications were approved so does ours too and @TheUltraElite is the current merit source from one among us.

There were two merit sources earlier, if I recall, one was H_H and the other was Amish. Both became inactive after a certain period of time, I assume. TheUltraElite being the new merit source, will be helpful as he is active here. Still, why is the activity on this board the lowest when I compare it with other local boards? I guess not many are aware that there is a new merit source on the Indian local board. I was not aware of it until I read your reply on this thread.

[henmark]

It's quite difficult to trust anything from social media so I doubt the originality of this notice. 7.1 crore is a really big amount and if he/she received a notice for such a big amount than the initial cryptos transactions would be way higher than this. I don't think any large sum investors would take a risk of publishing the notice on social media along with the FIR. Police might knock down his door anytime which already might have happened if this was true.

On a serious note, government is taking these transactions much seriously now so we will have to be extra careful. Paying tax on every crypto asset might not be possible as we ourselves might forget what holdings we have from the past few years.

[pawanjain]

• Trade with merchants with 500 plus transactions in the past few months and have a higher trade completion rate around 95 is a good start
• Avoid UPI transactions completely, use IMPS or NEFT and make sure the Bank account name matches with the exchange account, If not refund the amount completely and cancel the trade.

As someone who regularly uses Binance, I can confidently tell you that it's best to stick to traders with both ratings at 99% minimum with decent number of trades over a couple of years since they are easily the best ones on the entire platform period. UPI, IMPS etc are all good when it comes to these traders.

Digital rupee payment method tends to attract higher offers, but I prefer sticking to traditional UPI and IMPS instead.

Even I have taken trades from Binance P2P platform and fortunately all my trades were safe.
I usually trade with people have a completion rate of 99%+ and those who have completed at least 800-1000 trades.
This makes it a little bit safer than other options and besides that I mostly go with digital rupee.
So this way, I never encountered any bank freeze or any other issue.

[Bitcoin Smith]

H_H used to be a merit source but he asked the theymos himself to remove him from that position and got himself removed as well and then we went on without any source of merit for a year or more and then very recently most of the local boards got the merit source applications were approved so does ours too and @TheUltraElite is the current merit source from one among us.

There were two merit sources earlier, if I recall, one was H_H and the other was Amish. Both became inactive after a certain period of time, I assume. TheUltraElite being the new merit source, will be helpful as he is active here. Still, why is the activity on this board the lowest when I compare it with other local boards? I guess not many are aware that there is a new merit source on the Indian local board. I was not aware of it until I read your reply on this thread.

I found the post where he mentioned. It took me a while and hundreds of my posts in my history to find this.

Heisenberg_Hunter, you should look into the distribution of source merit (if you are still a merit source) to revive our board before it becomes too late.

I'm not a merit source, but still I have quite a few smerits in my account which I will try to distribute when I have time 

The position has become difficult to handle and a few members were threatening me to distribute merits in our local. Hence, I have retired from the position 

So he used to be, then he didn't want to be so he asked to be removed from that position and Amishmanish, I doubt he is a merit source at the moment because when theymos added new ones, he also removed a lot of inactive ones so despite adding like 15 or 20 new merit sources the total numbers dropped from 109 to 88.

So now we got an active member who also a merit source, the allocation maybe a lot lesser but if we can show up the activity then the allocation might be increased I guess.

[Jimmymoriarty]

Even I have taken trades from Binance P2P platform and fortunately all my trades were safe.
I usually trade with people have a completion rate of 99%+ and those who have completed at least 800-1000 trades.
This makes it a little bit safer than other options and besides that I mostly go with digital rupee.
So this way, I never encountered any bank freeze or any other issue.

This is the way though I don't know about trading with digital rupee which is a new method when compared to the tried and tested UPI plus IMPS payment methods. How has your experience been with this new payment method so far? Did you pay any extra fees here and there?

Many provide higher payment offers with digital rupee which is something that I am curious about.

[Bitcoin Smith]

Even I have taken trades from Binance P2P platform and fortunately all my trades were safe.
I usually trade with people have a completion rate of 99%+ and those who have completed at least 800-1000 trades.
This makes it a little bit safer than other options and besides that I mostly go with digital rupee.
So this way, I never encountered any bank freeze or any other issue.

This is the way though I don't know about trading with digital rupee which is a new method when compared to the tried and tested UPI plus IMPS payment methods. How has your experience been with this new payment method so far? Did you pay any extra fees here and there?

Many provide higher payment offers with digital rupee which is something that I am curious about.

People thought digital rupee mode is an alternative against the bank freeze issues but no the digital rupee account can also be broken just like the bank account and people who used digital ruppe faced this often as well so it maybe good option when you already know the trader for a while and there is no bank issues from their trades and if they have digital rupee option then you can go ahead with them.

IMO, digital rupee isn't a good deal at all because we need to redeem the funds back into our bank account if we want to use it.

[TSen]

• Trade with merchants with 500 plus transactions in the past few months and have a higher trade completion rate around 95 is a good start
• Avoid UPI transactions completely, use IMPS or NEFT and make sure the Bank account name matches with the exchange account, If not refund the amount completely and cancel the trade.

As someone who regularly uses Binance, I can confidently tell you that it's best to stick to traders with both ratings at 99% minimum with decent number of trades over a couple of years since they are easily the best ones on the entire platform period. UPI, IMPS etc are all good when it comes to these traders.

Digital rupee payment method tends to attract higher offers, but I prefer sticking to traditional UPI and IMPS instead.

I've been using Kucoin for a long time now and it seems quite convenient for me to in cash cryptos directly into my UPI account. I mostly look for sellers offering best price but do check their previous order history along with response time. I don't want to wait for a couple of hours to receive the funds.

I mostly want the funds immediately I place the order, so I look for buyers having a valid phone number mentioned in their intro message. That makes it easier for me to call them and check if they are available for the transaction now. If not, I will keep looking for buyers. Usually, it takes just a few minutes for me to find a buyer with best offers.

But yes, there are a few shady people out there who will falsify screenshots to try and scam you. Luckily, I have hardly came across such people and so far, trust the whole P2P system especially set by Kucoin.

[Jimmymoriarty]

But yes, there are a few shady people out there who will falsify screenshots to try and scam you. Luckily, I have hardly came across such people and so far, trust the whole P2P system especially set by Kucoin.

Yeah. Kucoin is easily one of the best centralized exchanges at the moment along with Binance etc specifically in India. Used to use it a long time ago and didn't really need it after switching to LocalBitcoins(For a while) and Binance.

It's best to find several highly reputed traders in any of these sites and stick to them in order to minimize dirty money related issues.

[henmark]

People thought digital rupee mode is an alternative against the bank freeze issues but no the digital rupee account can also be broken just like the bank account and people who used digital ruppe faced this often as well so it maybe good option when you already know the trader for a while and there is no bank issues from their trades and if they have digital rupee option then you can go ahead with them.

IMO, digital rupee isn't a good deal at all because we need to redeem the funds back into our bank account if we want to use it.

Right, digital money is more like a wallet instead of an account. You can store or transfer funds wallet to wallet but you would need to redeem funds into your bank account in case you want to encash them. Even PayTM wallet was the same and there is not much difference when it comes to digital rupee. I remember using PayTM wallet without KYC so that the money can be sent directly from one wallet to another. I think I might still use digital rupee if I get a good exchange rate.

Exchange rate is something that I would be looking for instead of the payment methods. I can swiftly move my funds from across every payment method but I would only take that much efforts if I am getting a selling rate of maybe 105 rupee per USDT.

[pawanjain]

Even I have taken trades from Binance P2P platform and fortunately all my trades were safe.
I usually trade with people have a completion rate of 99%+ and those who have completed at least 800-1000 trades.
This makes it a little bit safer than other options and besides that I mostly go with digital rupee.
So this way, I never encountered any bank freeze or any other issue.

This is the way though I don't know about trading with digital rupee which is a new method when compared to the tried and tested UPI plus IMPS payment methods. How has your experience been with this new payment method so far? Did you pay any extra fees here and there?

Many provide higher payment offers with digital rupee which is something that I am curious about.

To be honest, I haven't really faced any issues with digital rupee yet.
The only thing is, to use digital rupee, we have to deposit money into that account and vice versa for withdrawals.
So it feels like an extra step because we deposit money into it using bank account only and then to withdraw the money we need to redeem that money into our bank account.
It feels secure but also feels like an extra step but that's something we can ignore.

[Bitcoin Smith]

Even I have taken trades from Binance P2P platform and fortunately all my trades were safe.
I usually trade with people have a completion rate of 99%+ and those who have completed at least 800-1000 trades.
This makes it a little bit safer than other options and besides that I mostly go with digital rupee.
So this way, I never encountered any bank freeze or any other issue.

This is the way though I don't know about trading with digital rupee which is a new method when compared to the tried and tested UPI plus IMPS payment methods. How has your experience been with this new payment method so far? Did you pay any extra fees here and there?

Many provide higher payment offers with digital rupee which is something that I am curious about.

To be honest, I haven't really faced any issues with digital rupee yet.
The only thing is, to use digital rupee, we have to deposit money into that account and vice versa for withdrawals.
So it feels like an extra step because we deposit money into it using bank account only and then to withdraw the money we need to redeem that money into our bank account.
It feels secure but also feels like an extra step but that's something we can ignore.

It is good to know that you didn't face any issue but I noticed users complaining about issues while redeeming the funds, the app glitches and there is no fix at all so we may have to wait until they fix the glitch in the next update that is a big risk. But with UPI it is not possible to face the risk which is why Digital rupee is not needed for anyone unless they are doing it to support the growth part.

[Jimmymoriarty]

The only thing is, to use digital rupee, we have to deposit money into that account and vice versa for withdrawals.
So it feels like an extra step because we deposit money into it using bank account only and then to withdraw the money we need to redeem that money into our bank account.
It feels secure but also feels like an extra step but that's something we can ignore.

It's still in its pilot phase as of now and very few people actually use it which is why it is nowhere as popular as UPI, IMPS etc and the extra steps do bother me. I'll happily continue sticking to UPI and IMPS for a long while personally.

But with UPI it is not possible to face the risk which is why Digital rupee is not needed for anyone unless they are doing it to support the growth part.

Yeah. UPI is in another league when it comes to overall usage when comparing to Digital Rupee. I don't see why anyone would want to shift unless there is some huge incentive involved.