Crypto trading in P2P mode? Beware, you might be trading with a cyber fraudster

HYDERABAD: Are you aware that cyber frauds are being committed these days to which victims are falling prey wherein they transfer the money to a bank account given by the fraudster?

There is another category of victims who are suffering hardships due to a cyber fraud of which they are neither the direct victims nor the end beneficiaries.

Who are they?

Those who are doing crypto trading in P2P mode.

How?

The police, with the help of 1930 online financial fraud helpline and cybercrime reporting portal, are acting aggressively in freezing the bank accounts to which the victim’s money is transferred. As such the fraudsters have now started using mule accounts. The cyber fraudsters are finding new ways to avoid being caught by the police and more ways of diverting the money received as crime proceeds from the victims so that they can safely convert the illegal amount and escape the clutches of the law.

With the rise of crypto and the feasibility of doing P2P trading in crypto, the cyber fraudsters are identifying those doing P2P crypto trading through numerous telegram channels, connect with them and are converting the crime proceeds – from Rs to crypto or crypto to Rs.

The innocent victims, eager to make profits by crypto trading via P2P, are not aware that they are dealing with crime proceeds.

However, when the victim complains on 1930 or cybercrime reporting portal, the transactions made by this individual doing crypto trading is also seen involved and automatically the bank account of the individual gets frozen.

Initially, the fraudster's bank account would be frozen and eventually, if the amount must be refunded to the original victim, this amount must be refunded by the bank from the individual’s account to the victim.

Consequently, the fraudster evades with the money converted but the individual who does this crypto trading is put through hardship.

The crypto trading platforms are encouraging P2P mode because earlier the platform’s accounts used to get frozen and amount refunded. But now, the individual is put at risk of knowingly or unknowingly helping the cyber fraudsters converting the crime proceeds to crypto and transfer the funds abroad from India thus making it difficult for law enforcement authorities to recover the crime proceeds from them.

The police have advised people to not respond to any message or calls relating to part time jobs or online trading.

"Avoid trading with anonymous persons or new acquaintances online. Call 1930 for any Cyber related complaints," said the Cyberabad police.