Why Do Bank Accounts Get Frozen in Pakistan? 🏦

If your bank account was recently frozen in Pakistan, you’re not alone.

Why Does This Happen? 🤔

The real scammer in this situation operates in a sophisticated way:
1️⃣ They approach someone offering a high rate for crypto, pretending to be new and unaware of how P2P works.
2️⃣ You agree to the deal, receive the payment, and then buy crypto from P2P to send it to them.
3️⃣ You feel happy because you earned a small profit from the transaction.

However, soon after, your account gets blocked. Why? Because:

The person who sent you the payment likely scammed someone else to acquire the money.

Their account gets blocked due to a fraud report, and since the money passed through your account, yours gets frozen as well.

This chain continues, with more accounts getting blocked as the scam progresses.

The so-called “new” buyer is actually a scammer who victimized someone else to purchase crypto through you.

The Legal Void ⚖️

Currently, there are no specific laws in place by the State Bank of Pakistan to address fraud or scams in such cases. This creates significant challenges for victims.

What’s the Solution? 🛠️

In 2024 alone, over 11,000 accounts were frozen in Pakistan, with 90% of the affected individuals being innocent.

Many people refund disputed payments simply to regain access to their accounts, especially when they have a significant balance that’s also frozen.

Business vs. Individual Accounts 🧾

15% of frozen accounts were reactivated because the owners provided proof that the payments were for legitimate business activities.

85% of account holders couldn’t provide sufficient evidence to justify their transactions.

If you disclose that the payment was for crypto trading on P2P, banks may release your funds but will permanently close your account.