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Two Accused Arrested in Binance P2P Scam for Defrauding in Ujjain, India

State Cyber Cell Team Nabs Fraudsters Involved in Cryptocurrency Scam Through Binance P2P App

Image Credit - Dainik Bhaskar

According to the report published by Dainik Bhaskar, Two individuals from Raipur, Chhattisgarh, who were involved in defrauding people through the P2P feature of crypto app, have been arrested by the State Cyber Cell team. Several bank passbooks, fake accounts, ATM cards, various documents, and fifty thousand rupees in cash were seized from them.


The mobile phones of the accused contained the PAN cards and Aadhaar cards of several individuals. More than fifty email IDs were also found on their phones. Officials from the Cyber Cell stated that on the Telegram app, bank accounts, ATM cards, signed checkbooks, and linked credit cards were being sold for just ten thousand rupees. The case is currently under technical investigation, and the State Cyber Cell has written a letter to Binance regarding updating their app.


According to Dr. Rashmi Kharya, SP of the State Cyber Cell, the complainant Gaurav Lalwani, a resident of C-21 Mall in Raipur, had filed a complaint in March stating that he was purchasing USDT on the Binance app. During the process, he connected with a seller and placed an order for two lakh rupees worth of cryptocurrency. He was then provided with an account number. Later, he received a call from another number informing him that the cryptocurrency he was supposed to receive had been blocked and they couldn't send it.


The caller requested him to cancel the order so that they could refund him the two lakh rupees. Believing the seller's words, the complainant canceled the order. However, he neither received the cryptocurrency nor got his money back. Sub-Inspector Amit Parihar registered a case under the charge of cheating based on the related complaint and initiated an investigation. After gathering solid evidence, a special team was formed by the State Cyber Cell, consisting of Inspector Reema Yadav, SI Amit, ASI Harendra Pal Singh Rathore, and Constable Kamalsingh Varakde, who went to Raipur, Korea, and Mandirgarh in Chhattisgarh for further investigation. After five days of rigorous efforts, they arrested Jai Popat, son of Jitendra Popat, and Yash Popat, son of Rajesh Popat, from Naharpura, Raipur.


During questioning, the accused admitted that they had been involved in cryptocurrency since 2017 and had also invested some amount in it. Later, they went to Raipur for higher education but due to bad habits, they dropped out of college and lost money in online betting with cryptocurrency. During this time, Yash obtained ID proofs and other documents of people by paying 1,500 - 1,500 rupees. They then started defrauding people using these documents.


The State Cyber Cell team has seized bank passbooks, blank checks, and other documents from both the accused, as well as five mobile phones, SIM cards, fake bank account passbooks, ATM cards, and fifty thousand rupees in cash. The police presented both accused individuals in court after their medical examination on Monday, following which the court remanded them to jail. For individuals using peer-to-peer (P2P) crypto platforms, it is crucial to prioritize security by conducting thorough research on reliable platforms, verifying the counterparty's identity and reputation, utilizing escrow services, being cautious of unrealistic offers, double-checking payment details, keeping personal information secure, staying updated on security measures, and promptly reporting any suspicious activity to ensure a safer and more secure P2P crypto trading experience.

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