As the popularity of cryptocurrency rises and P2P trading becomes more accessible,cyber fraudsters actively target participants through various communication channels,including Telegram. They exploit unsuspecting individuals by converting criminal proceeds—whether from Indian Rupees (INR) to crypto or vice versa—under the guise of legitimate trading activities.
Unfortunately, individuals eager to profit from P2P crypto trading often remain unaware that they are inadvertently handling illicit funds.
Consequently, when these individuals file complaints through the 1930 helpline or cybercrime reporting portal, their transactions become flagged, leading to the freezing of their bank accounts.
Initially, the individual's bank account is frozen, and if restitution is necessary for the
original victim, the bank is obligated to refund the amount from the individual's account.
Consequently, while the fraudster absconds with converted funds, the innocent crypto trader faces significant hardships.
P2P trading platforms, recognizing the benefits of this mode,increasingly promote it.
However, this shift exposes individuals to the risk of aiding cyber fraudsters, either knowingly or unknowingly, in laundering criminal proceeds through cryptocurrency and transferring funds abroad. Consequently, law enforcement authorities encounter greater challenges in recovering stolen assets.
