This is a story of how my friend and I became criminals in the eyes of the Indian government and lost lakhs of rupees because of the binance P2P platform.

But first, what is the P2P platform in binance?

P2P stands for peer-to-peer transactions or person-to-person. Binance does not have a dedicated INR payment method, so people who want to invest in this platform can use the P2P option. With this featured, a person can buy crypto by sending Indian rupees to another person who wants to cash out his investment or sell his crypto. Once he receives the amount, he can transfer the cryptocurrency to his account. The market fluctuates every time, so people often use stable coins like USDT, USDC, etc. Among these coins, USDT or Tether USDT is the most popular because of its stability and its peg to the real US dollar. People use this coin to buy and sell crypto from the binance P2P platform. And there are many merchants to help investors.

My friend Ramesh gave me this idea and I got a personal loan offer of 4 lakhs rupees. I shared some amount with Ramesh to start his business and invested the remaining amount on my own. For the first month, everything went well and I earned around 71k in one month. Ramesh also made some good profit on his side. But after one month, our lives turned upside down because of the cyber crime department. The Indian cyber crime department froze both Ramesh’s and my accounts because they said we received a fraudulent amount. Someone scammed a person and sent that amount to another person and then to another person until it ended up in our accounts. We had no idea about anything until we reached the bank and got the information. When we contacted the cyber police and told them what happened, they accused us of being involved in the scam. But Ramesh and I only did P2P transactions. We received the amount and released the crypto coins that were equivalent to that amount. The real scammers who did the fraud were completely safe and we, two unemployed people who tried to earn some money, got stuck in this problem. The police told us to pay the money to the victim and then they would unfreeze our bank accounts. But how could we do that? We had already transferred the crypto worth that amount. If we paid the victim, we would be the main victims. So we questioned the police about the first guy who received the money from the victim’s account. He simply replied that the guy who received the money was just working for commission and nothing else, so they couldn’t ask him anything. We were shocked by this reply from a police officer who was supposed to protect and follow the law and order protocol.

What kind of justice was this? The person who was working for commission was the real criminal. He was working with the scammers and earning money from criminal activities by robbing innocent people who didn’t have any knowledge of cyber crime. I think it was because of these people’s ignorance or maybe greed that the criminals were still surviving.

So now, Ramesh and I have 6 accounts frozen and there is no response from the banks or the cyber police. And anyway, Ramesh and I are both considered criminals and victims. We lost lakhs of rupees and are buried in debts and loans because of the Indian cyber crime department