They live in huts.
They earn daily wages.
And yet—their bank accounts show lakhs in crypto transactions.
Welcome to a terrifying new frontier in cybercrime, where the poorest Indians are unknowingly fronting crypto scams that span states and platforms — and Binance P2P is quietly sitting in the middle of it all.
🕵️♂️ 99,000+ Fake Bank Accounts Across Rajasthan
In a shocking revelation, Rajasthan Police’s cybercrime unit has uncovered over 99,045 fake or suspicious bank accounts operating across the state — many opened with stolen identities from low-income laborers and villagers.
These accounts weren’t just created to sit idle.
They’ve been used to transfer crores, with most transactions linked to cryptocurrency trading and USDT movement — often via Binance’s P2P system.
💸 A Rs. 5,000 Lure Turned Into a Lifetime Trap
The story repeats across villages:
A stranger offers free PAN cards or promises Rs. 5,000.
A poor worker hands over their Aadhaar, PAN, and signs blank forms.
A bank account is opened, a SIM card is issued in their name.
The fraudster keeps all the details: ATM card, chequebook, SIM, passbook.
The victim? They have no idea their name is now involved in a massive scam.
🔍 Like Ashok Dangi, who was told “money from Kuwait” would come in.
Or Lal Shankar, whose documents were used to open an account now tied to lakhs in USDT trades.
🧨 Binance P2P: A Platform Turned Playground for Fraud?
India is Binance P2P’s largest market.
It allows buyers and sellers to trade USDT directly using bank transfers.
But that system — designed to empower peer-to-peer crypto trade — is now being exploited at scale by fraud networks, using fake accounts like Ashok and Lal Shankar’s to:
Buy or sell USDT with zero paper trail
Wash money through multiple fake accounts
Evade KYC via proxy identities
And Binance? Their KYC may pass — because on paper, it’s real.
But the real person has no clue their identity is being used.
🧠 The Big Problem: This Isn’t Just Theft — It’s Systemic
This isn't an isolated cybercrime.
This is a fully developed scam structure:
Fake documents and poor people’s identities
Real bank accounts and active SIMs
Integration with Binance P2P for global liquidity
USDT bought and moved — often instantly
👉 Crypto platforms, telecom operators, and banks are now part of a pipeline that enables invisible fraud — without even realizing it.
🏦 Bank Employees Under Scrutiny
MP Rajkumar Roat has officially alleged that these accounts couldn't have been created without insider involvement.
"If even MLAs must visit a bank physically to open an account, how were 99,000+ accounts opened without the account holders ever setting foot inside a branch?"
That raises real questions:
Who issued the SIM cards?
Who passed KYC without verifying face-to-face?
Who benefited from these transactions?
Why was there no red flag when daily wagers were moving lakhs?
🔗 Where Binance Fits Into This
Binance P2P is a powerful, borderless platform.
But that also makes it a risk magnet in countries with weak financial verification.
Right now, these fake Indian bank accounts are the perfect mule layer — invisible, untraceable, and disposable.
👉 Without deeper KYC, on-ground address validation, and better fraud detection, Binance P2P could unknowingly be fueling the largest crypto-linked identity fraud crisis India has ever seen.
🚩 Final Thought: When Slum Dwellers Become Crypto Criminals… on Paper
This isn’t just about fraud.
This is about a system so broken that the poorest are unknowingly used to clean digital black money — and no one notices until a police letter is written.
This is how billion-dollar ecosystems collapse — not from outside attacks, but from internal rot.
📢 It’s Time to Ask Tough Questions:
Are crypto exchanges doing enough to verify real human identities?
How many P2P USDT trades are done via fake accounts?
Who takes responsibility when a daily wage worker ends up with a cybercrime FIR?
🛑 It’s time for Binance, banks, telecoms, and law enforcement to come together — or the next digital scam won’t just steal money.
It’ll destroy lives, reputations, and trust in crypto forever.
🔗 Want to dive deeper into this connection between grassroots ID fraud and crypto laundering?
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