ED Says Sriki Used Stolen Crypto, Gaming Platforms, and Global Exchanges to Hide Illegal Money Trail
The Enforcement Directorate (ED) has taken a major step in a Bitcoin fraud case by filing a 3,500-page chargesheet against hacker Srikrishna Ramesh, also known as Sriki, cryptocurrency trader Robin Khandelwal, and businessman Sunish Hegde. The agency submitted the chargesheet before a special court in Bengaluru under the Prevention of Money Laundering Act (PMLA).
The ED says the three accused worked together in a large network that involved hacking, cryptocurrency laundering, and darknet activities. The chargesheet also names a private company and two more people for their alleged role in helping the network.
ED Files Detailed Chargesheet
The agency arrested Sriki, Khandelwal, and Hegde earlier in May. All three have stayed in judicial custody at Bengaluru Central Prison since then. The filing of the chargesheet now moves the case into the next stage of legal proceedings.
According to the investigation, Sriki used his programming skills to break into cryptocurrency exchanges, gaming platforms, and company servers. Officials say he also hacked Karnataka’s e-procurement portal and illegally transferred nearly Rs. 11.5 crore. The ED further claims he targeted the Unocoin crypto exchange and several online poker platforms to steal digital assets.
Alleged Roles of the Accused
The ED chargesheet says Sunish Hegde played an important role by supporting Sriki financially. Investigators claim he paid for Sriki’s expensive lifestyle and pushed him to continue hacking different websites. The agency also alleges Hegde collected more than Rs. 2 crore from gaming platforms through cash, casino chips, and virtual assets after threatening the affected businesses.
Robin Khandelwal, a cryptocurrency trader, allegedly handled the money after the hacks. The ED says he used several international cryptocurrency platforms to sell the stolen digital assets. Investigators claim he then moved the money through different accounts linked to Sriki and his close associates to hide where the funds originally came from.
Why the Case Matters
The latest ED chargesheet shows that the investigation has entered the prosecution stage. The agency now plans to present its evidence in court and prove how the accused allegedly carried out cybercrime and money laundering through cryptocurrency.
Investigators believe the group moved stolen crypto through several international exchanges before sending the money into different bank accounts. They also claim the illegal earnings paid for luxury spending, gambling, and other criminal activities.
The Bitcoin fraud case has gained more attention after reports mentioned possible political links connected to the wider investigation. Officials continue to examine financial records, digital evidence, and cryptocurrency transactions as the case moves forward.
The investigation also highlights the growing risks of cybercrime involving cryptocurrency. Authorities believe criminals now use digital assets and global crypto platforms to hide stolen money more easily. The case may also increase discussions around stronger cryptocurrency rules in India to prevent similar crimes in the future.
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