ED Arrests Three in Bitcoin Money Laundering Case Linked to Congress Figures
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BENGALURU, India — The Enforcement Directorate arrested three individuals on Friday in a Bitcoin-linked money laundering investigation involving alleged cyber hacking and raids on premises connected to Congress party figures.
Srikrishna Ramesh, also known as Sriki, was among those taken into custody alongside Robin Khandelwal and Sunish Hegde. The arrests are part of a broader probe into a 2017 cyber hacking incident that resulted in the theft of bitcoins and subsequent money laundering through cryptocurrency platforms.
The investigation has expanded to include Mohammed Haris Nalapad, Omar Farook Nalapad, and Aqeeb Khan, who are also under scrutiny in connection with the case. Authorities conducted raids on multiple locations in Bengaluru, Karnataka, targeting properties linked to individuals associated with the Congress party.
The Enforcement Directorate stated that the operation aims to trace the movement of illicit funds and identify the network behind the cryptocurrency theft. The 2017 hacking incident reportedly involved sophisticated cyber techniques to siphon digital assets, which were then converted through various crypto exchanges to obscure their origin.
Congress party officials have not yet issued a formal statement regarding the raids or the involvement of their associates. The party has historically maintained that its members are not involved in financial crimes, though specific details about the current case remain unclear.
The arrested individuals are being questioned about their roles in the alleged money laundering scheme. Srikrishna Ramesh, identified as an alleged crypto hacker, is believed to have played a central role in the technical execution of the theft. Robin Khandelwal and Sunish Hegde are suspected of facilitating the laundering of stolen funds through legitimate business fronts.
Law enforcement officials indicated that the case involves international elements, with some transactions traced to offshore accounts. The complexity of cryptocurrency trails has made the investigation challenging, requiring specialized digital forensics teams to track the flow of funds.
The Enforcement Directorate has not disclosed the total value of the stolen bitcoins or the amount recovered so far. Authorities are expected to file charges in the coming days as the investigation continues.
Questions remain about the extent of the network involved and whether other high-profile figures are connected to the case. The outcome of the investigation could have significant implications for cryptocurrency regulation in India and the handling of digital asset crimes.
The arrests mark a major development in one of India's most complex financial crime cases involving digital currencies. As the probe deepens, authorities are expected to reveal more details about the alleged conspiracy and the methods used to launder the stolen funds.