2 weeks ago
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The Cyberabad Police, on Thursday, issued an advisory against the rising frauds in peer-to-peer (P2P) crypto trading.
“With law enforcement agencies intensifying efforts through the 1930 online financial fraud helpline and cybercrime reporting portal, freezing bank accounts linked to fraudulent transactions has become more common. Consequently, fraudsters have resorted to using intermediary mule accounts to evade detection,” the advisory noted.
“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,” the officials said.
Consequently, while the fraudster absconds with converted funds, the innocent crypto trader faces significant hardships.
P2P trading platforms, recognising 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, the officials explained.
