ED Arrests 3 in a Major Cryptocurrency PMLA Case Linked to a Bitcoin Scam & Money Laundering Trail: Bengaluru Probe Deepens
The cryptocurrency PMLA case has taken a sharp turn after fresh action by the Enforcement Directorate. The agency arrested 3 accused in Bengaluru and pushed the probe deeper into a complex web of crypto fraud and money laundering.
Officials confirmed the arrest of Srikrishna Ramesh, known as Sriki, along with Robin Khandelwal and Sunish Hegde. The agency nabbed them on May 8 under the Prevention of Money Laundering Act. A Bengaluru court later sent all three to ten days of ED custody, giving investigators more time to trace digital transactions and financial trails.
ED Arrests 3 Accused in Bitcoin Scam
The cryptocurrency PMLA case links back to a long-running Bitcoin scam that first surfaced in 2017. Investigators believe the accused hacked several national and international platforms. They allegedly stole Bitcoins and moved them across multiple channels to hide the origin. The ED now suspects that the group converted stolen digital assets into usable funds through layered transactions.
Sriki remains a key figure in the cryptocurrency PMLA case. Authorities have earlier linked him to cybercrime and drug related investigations. The latest probe focuses on how stolen crypto assets moved through exchanges and hidden networks. Officials aim to identify every route used in the money laundering process.
The ED had already carried out multiple raids on April 20. These raids covered several locations linked to the accused and their associates. The action also extended to premises connected to Mohammed Haris Nalapad and Omar Farook Nalapad. Both are linked to a Karnataka political family. Another location tied to Aqeeb Khan also came under the scanner.
Political Links Come Under Scanner
Mohammed Haris Nalapad later addressed the media and denied any role in the cryptocurrency PMLA case. He stated that long search operations did not reveal any illegal activity. He also highlighted his family’s public record and dismissed the allegations.
Despite these claims, the ED continues to examine financial links and digital evidence. The agency is studying transaction records, crypto wallets, and exchange data. Investigators believe the Bitcoin scam could involve large scale financial movement over several years.
The case highlights growing concerns around crypto fraud in India. Digital assets offer speed and anonymity, which can attract misuse. This cryptocurrency PMLA case shows how hackers can exploit gaps in regulation and monitoring systems.
Crypto Regulation Debate Gains Attention
The investigation also brings focus on policy gaps. India still follows a cautious approach toward cryptocurrency regulation. Rising cases of money laundering linked to crypto are increasing pressure on authorities to act faster.
The ED has intensified its crackdown on such cases in recent years. Officials have tracked large transactions and attached assets linked to crypto platforms. This latest move signals stronger enforcement and tighter scrutiny of digital asset misuse.
The cryptocurrency PMLA case now stands at a critical stage. The next few days of custody could reveal more connections, including possible financial beneficiaries and hidden networks.
Disclaimer : Crypto News India does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
