The Enforcement Directorate (ED) has made significant progress in its investigation into a high-profile Bitcoin scam case, with the arrest of Bengaluru-based hacker Srikrishna Ramesh, also known as Sriki. Along with his associates Robin Khandelwal and Sunish Hegde, Sriki was taken into custody by the ED on suspicion of laundering cryptocurrency proceeds through multiple bank accounts and trading platforms.
The case dates back to 2019 when the Karnataka government's e-procurement portal was hacked, resulting in a loss of Rs 11.5 crore. The ED had earlier searched around 12 premises linked to the accused and their associates under the Prevention of Money Laundering Act (PMLA).
Investigations have revealed that Sriki allegedly hacked into online poker sites, crypto exchanges, and other websites, using his skills to siphon off virtual assets. The agency is also probing allegations related to the theft of bitcoins, extortion, and laundering cryptocurrency proceeds through multiple bank accounts and trading platforms.