The Bengaluru Bitcoin scam has been the center of attention in India for the past few months. This case revolves around Srikrishna Ramesh, also known as Sriki, who is accused of stealing government funds and making crypto payments to state officials. Sriki was initially arrested for drug procurement on the darknet with cryptocurrency, but this quickly developed to include allegations of hacking activities against online poker sites, cryptocurrency exchanges, and government systems. The Special Investigation Team (SIT) of the Karnataka CID has been investigating Sriki and his associates vigorously. In November 2020, a stash of Bitcoins were found in Sriki's possession, and the investigation has since uncovered an alleged theft of Rs 11.5 crore from the Karnataka government’s e-procurement cell. The SIT is operating with the intent of canceling Sriki's bail, while conducting searches and arrests of those who were already involved in the original investigation in 2020 and 2021. However, the court has requested a medical evaluation to determine Sriki’s drug addiction before they make a decision.

The Karnataka SIT has identified three suspects connected to the Bitcoin scam who are alleged to be part of a money laundering scheme. The Enforcement Directorate has charged them with laundering the stolen Rs 11.5 crore, of which a substantial amount has already been recovered. The three suspects have also taken this case to the High Court, arguing that the e-procurement cell hacking case should be dismissed due to a police inspector's involvement in the investigation.

The ongoing investigation of the Bengaluru Bitcoin scam is still in full swing with new information being unveiled as the probe gains pace. This case showcases the government's commitment to uncover the complexities behind cryptocurrency in India. The events of the past few months have been captivating, and many eyes are watching to see the outcome of this complex case.



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