Quote from: Bitcoin Smith on January 26, 2025, 02:27:36 PM

In our country, it is a very common practice among friends, family members and relatives to lend our bank account to receive their money in our accounts and let them withdraw with ATM cards. Which is the issue I wanna address today after reading a bank freeze story on other platform.

People involved in p2p trading know the risks of bank freezes which often happens due to receiving funds linked with an illegal/unauthorized transfer from someone's bank account so months after we done trades just on a random day our bank accounts, credit/debit cards, internet banking will be inaccessible and when we contact the branch their response will be cyber crime ordered them to. Once we are at this stage it almost 99% that there's no going back and since we can't identify who send the funds so the primary suspect will be us to avoid being in the situation we should avoid trading p2p especially when they offer 12% or 20% over the market rate.

Now coming back to the topic, there are chances that someone can take advantage of their ignorance and trade couple of times and withdraw their money immediately but after months they will receive bank freeze and all their money will be under hold indefinitely so we should create awareness about this among our friends and family circle about not lending our bank accounts to anyone and even by the bank terms it's solely for personal usage and all the legal liability comes under the responsibility of the account owner alone.

Any huge deposits we have in our bank accounts will come under the radar of the IT department.
If the funds are received from an illicit source then the chances of our bank accounts getting frozen are high.
These two are enough reasons why we should not get money in our bank accounts for somebody else.

Even if we are getting it for ourself, I would suggest maintaining a separate bank account for trading purpose. This will eliminate first level bank account freeze.
Chances of getting all the bank accounts related to same PAN card are low but it can happen if there is a huge fraud involved.
So stay cautious when you are dealing with INR trades and only trade with reputed traders and avoid falling for cheaper price.