Family members working abroad, what are the risks and consequences of private currency exchange?

Every day, people consult about the situation of frozen cards when exchanging currency, and most of them are family members working abroad who want to remit their salaries to their families. I tell everyone that they must use formal channels, otherwise they will really lose everything.

During this time, I have encountered many similar cases, such as a restaurant owner in Europe who exchanged 100,000 euros (700,000-800,000 RMB) over several years and had it all frozen; a husband who didn't know what he was doing abroad had 10,000 frozen when exchanging it back; and a mother who worked as a nanny abroad for several years had her hard-earned money frozen as well.

There are two situations for this kind of freezing. One is that it is a trap set by someone, and the other is that the person is genuinely unaware. However, the risk of private currency exchange is much greater than that of foreign trade freezing. In foreign trade freezing, there is evidence of commodity transactions to prove that the money was obtained in good faith (although this reason is not valid), while there is basically no evidence for private currency exchange, making it very difficult to apply for unfreezing.

Their usual operation is that family members abroad hand over foreign currency to middlemen (underground banks, exchange shops, or fellow countrymen, supermarket owners), and the middlemen either embezzle the money themselves or have exchange shops remit RMB to the family members in China.

There is no evidence throughout the process, and it may just be a matter of a few words offline. However, the middlemen operate through formal foreign exchange channels, with basically no profit, but they make over 50% profit through telecommunications fraud, which, from a human perspective, is impossible to escape.

You need to understand why your funds are frozen in order to realize the seriousness of the matter, so I am patiently telling you what is going on:

1. Family members abroad hand over foreign currency to middlemen.
2. You provide your domestic card number to the middlemen (thinking the middlemen will directly remit RMB to you).
3. The middlemen provide your card number to the telecommunications fraudsters.
4. The telecommunications fraudsters provide your card number to the victims.
5. The victims remit money to you.
6. This is the entire underlying logic of the freezing.

Many people ask why the funds are frozen when they reach your card, and not when they are with someone else. Do you understand now?

It's because the money is clean until it reaches your card, but once it's there, it becomes the proceeds of telecommunications fraud.

So, what are the consequences of being frozen?

Once the victim discovers the fraud, they will immediately report it to the authorities, and the bank will then freeze your funds, and after a formal investigation, it will be reported to the anti-fraud big data platform. The bank where you opened the account will then cooperate with the investigation, which is why you may be visited at home or receive phone calls for questioning.

For example, a client has already received a call and needs to go to the bank to cooperate with the investigation in the afternoon. They paid for a consultation on the 21st, but they don't want to pay for a written document, and I still gave them a template, but I haven't been able to contact them for 5 days…

After the investigation, if the bank rules out your suspicion of fraud, you will automatically be labeled as a person involved in a fraud case. Sometimes the bank doesn't even know, so many times you won't know which bank has labeled you as a person involved in a fraud case.

Subsequently, all your bank cards will be gradually controlled and associated with accounts under investigation. Buying a car, buying a house, applying for loans will be instantly rejected, and other financial transactions will not be able to proceed normally. Applying for a new account at the bank will directly indicate that you are on the list of persons involved in fraud, and applying for a passport will be rejected or you will be stopped from leaving the country, which is fatal for people working overseas. How to resolve this?

At this point, you need to go to the bank to find out which authority has frozen your funds. Don't be afraid to ask directly, get the freezing document number, and confirm the amount involved. If you handle it yourself, you will need to negotiate with the authorities in another location. But most people have a misconception at this point. They come to ask me why they can't contact the freezing authority, why the phone is not working. What's the use of calling them?

Their standard response is: Bring the documents to us for processing.

If you are a die-hard fan, you should know that contacting the freezing authority by phone has never been an effective method, so why would you do it?

Do you think the authorities will handle your case just because you made a phone call?

Will your tears and complaints to the authorities on WeChat unfreeze your card?

As an adult, wake up. The key to unfreezing your bank card is to provide evidence to eliminate your suspicion of fraud, and then it will naturally be unfrozen, not by calling the handling officer and saying a few words.

Remember, no handling officer will handle your case after receiving a few phone calls.

Do you think your lawyer will be like the ones in the movies, fighting for you? In reality, they will be very submissive to the authorities. A lawyer who comes in and asks when the funds will be returned, and claims that the funds were obtained in good faith, will be detained by the authorities.

The lawyer even deceived the client by saying that the funds would be unfrozen in a week. When I looked at the application template, I thought, why is this so familiar?

It turns out it was the operation of a popular fraudulent law firm. If you encounter such a situation, what is the best solution?

First, understand the underlying logic, prepare evidence as much as possible, go to another location to seek help from the authorities to eliminate your suspicion of fraud, and describe the situation in detail. Because you don't have direct evidence, it will be very difficult to unfreeze it directly.

Then, with the help of the authorities, negotiate with the victim to see if you can reach a settlement. At this point, you will need a professional to help you negotiate. You need to understand the victim's situation, why they were defrauded, their current financial situation, and their psychological state.

For example, if the victim was defrauded only three days ago, they are in a highly excited state and are basically not thinking rationally, so it will be difficult to negotiate at this point. They will think that you are the one who defrauded them.

The content of the negotiation also needs to consider the victim's identity and occupation. These dimensions need to be taken into account.

If a long time has passed, the victim may slowly come to accept the reality that the money will not be returned, and at this point, if you bring cash to negotiate a settlement, you can basically reach an agreement.

This is what I can do for you, and many lawyers only talk about legal provisions and do not consider the human aspect. Finally, with the witness of the authorities, you make a settlement, get a receipt from the victim, and it's best to have the authorities provide a statement to eliminate your suspicion of fraud, and your battle has just begun.

Unfreezing the bank card is only the first step, and appealing the label of a person involved in a fraud case is very difficult.

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