I gave a smilar answer in another thread about Yaper/usemycards
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Honesty I have used it(Yaper) once and It was smooth. The orders are mostly from shops getting phones at lower price and making a profit in offline market. Flipkart has caught on to this and the items will show out of stock for these pin codes. Flipkart may even block your account citing business use. Only about 5-10% of orders are actual legit people without CC trying to save a buck.
The escrow account is managed by Yaper and it's not regulated, audited or monitored by any entity. It's a trust me bro situation.
When it comes to Finance, if an entity CAN commit a fraud, IT WILL.
The gist is, STAY AWAY and don't waste your time on this.