ED arrests crypto fraud kingpin among three in multi-crore PMLA case
Bengaluru, May 10 -- The Enforcement Directorate (ED) has arrested alleged cryptocurrency fraud kingpin Srikrishna Ramesh alias Sriki (30) along with two others in connection with the a multi-crore cryptocurrency scam that had created a massive political and administrative controversy in Karnataka, officials said on Saturday.
According to ED officials, the accused were produced before a local Bengaluru court on Saturday, which sent them to 10 days of ED custody.
The arrests mark a crucial stage in the ongoing probe into illegal cryptocurrency transactions, hacking activities and money laundering linked to the case. Along with Shreeki, ED has also arrested Robin Khandelwal and Sunish Hegde for further interrogation.
Investigators are now revisiting the alleged links between Sriki and Mohammed Nalapad, son of Congress MLA NA Haris, particularly in relation to the hacking of the state government's e-procurement portal and the suspected illegal transfer of nearly Rs.4.5 crore through cryptocurrency channels.
An ED officer involved in the investigation said, "This is not merely a hacking case. We are probing a larger network involving digital asset manipulation, illegal fund transfers, and attempts to conceal transaction trails through crypto layering...more people may be summoned for questioning if necessary."
The cryptocurrency fraud first came to light after allegations surfaced that Sriki and his associates had hacked government portals and siphoned off funds through digital wallets and cryptocurrency layering techniques.
On April 20, ED officials had conducted raids at multiple locations, including the residences of MLA Harris and Mohammed Nalapad. Investigators had then reportedly examined documents related to crypto transactions and alleged money laundering activities....
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