P2P Trading Pitfall: A Cautionary Tale of Account Freezing

As a crypto enthusiast from a small village, I ventured into P2P trading on Gate, believing it to be an easy way to earn money. However, my experience turned out to be far more challenging than anticipated. This is my personal story of how a simple P2P transaction led to my bank account being frozen, and the arduous journey to resolve the issue.

The Unexpected Account Freeze

After completing a few P2P transactions, I received an alarming message from my bank stating that a debit withdrawal block had been placed on my savings account due to a policy violation. Confusion set in as I tried to make a payment, only to find my account blocked.

To my dismay, this was my primary account containing all my savings. Upon checking my online banking app, I discovered a hold of Rs.3115 with the reason cited as 'Cyber Cell Complaint'.

The Search for Answers

Determined to resolve the issue, I took several steps:

1. Contacted bank support via email
2. Attempted to reach out to my personal bank manager
3. Raised the issue on social media platforms

After two days, I received an email from the bank with details about the account freeze, including an acknowledgment number, cyber cell name, and transaction number. It was revealed that a transaction of Rs.29000 had triggered the account freeze.

The Elusive Resolution

My efforts to resolve the issue led me down a complex path:

• The person who made the Rs.29000 payment became unresponsive
• The cyber cell in Hyderabad, far from my location in West Bengal, was difficult to reach
• Local cyber cells were unable to assist due to jurisdictional limitations
• Bank officials provided limited information, insisting on permission from authorities

The Prolonged Struggle

For weeks, I faced numerous challenges:

• Difficulty in communicating with cyber police
• Conflicting information from different officials
• The emotional toll of dealing with family pressure and financial stress
• Lack of understanding about crypto transactions among law enforcement

A Glimmer of Hope

After nearly a month of persistence, I discovered a High Court judgment stating that banks should not freeze entire accounts but only mark a lien on the disputed amount. Armed with this information, I approached my bank again.

The Resolution

Finally, after three months of struggle:

• The bank agreed to update my biometrics
• My account was unblocked, allowing transactions
• The disputed amount remained on hold

Lessons Learned

This experience has taught me valuable lessons about the risks associated with P2P trading and the importance of understanding the regulatory landscape. While my account is now functional, the journey has been a testament to perseverance in the face of bureaucratic challenges.

For those facing similar issues, remember:

• Don't panic if your account is frozen
• Be persistent in seeking resolution
• Understand that cyber police primarily aim to recover disputed amounts
• Familiarize yourself with relevant regulations and court judgments

As I conclude my P2P trading journey, I hope my story serves as a cautionary tale for others in the crypto community. Always exercise caution and due diligence in your financial dealings.