ED Files 3,500-Page Chargesheet In Multi-Crore Bitcoin Scam Against Prime Accused Sriki And Others
The ED had conducted searches in April before arresting Sriki, Hegde and Khandevala in May. All three are currently in judicial custody.
Published : July 7, 2026 at 8:13 PM IST
Bengaluru: The Enforcement Directorate (ED) has filed a 3,500-page chargesheet before a Special Court under the Prevention of Money Laundering Act (PMLA) against six accused, including prime accused Srikrishna Ramesh alias Sriki, in connection with the alleged multi-crore Bitcoin scam.
The chargesheet names Srikrishna Ramesh, businessman Sunish Hegde, cryptocurrency trader Robin Khandevala, a private company, and two other individuals allegedly linked to the money laundering operation.
The ED had conducted searches in April as part of its investigation before arresting Sriki, Hegde and Khandevala in May. All three are currently in judicial custody.
According to the prosecution complaint, Sriki is an internationally known hacker with expertise in breaching online gaming platforms. The agency has alleged that he hacked the Karnataka government's e-procurement portal and siphoned off Rs 11.5 crore.
The ED has further alleged that businessman and contractor Sunish Hegde, who is said to have political connections, financed Sriki's lavish lifestyle and encouraged him to carry out cyberattacks on online gaming platforms.
Investigators alleged that Hegde conspired with Sriki to extort money from hacked companies by negotiating with them after cyber breaches. According to the chargesheet, the accused allegedly demanded Rs 2 crore, casino chips and other virtual assets from affected companies in exchange for resolving the cyberattacks.
The prosecution complaint also names cryptocurrency trader Robin Khandevala, who is alleged to have played a role in converting stolen virtual assets into cash. According to the ED, Khandevala purchased Bitcoins allegedly stolen by Sriki and Hegde through cryptocurrency transactions, converted them into cash and transferred the proceeds to bank accounts linked to individuals managing Sriki's network.
The case dates back to 2017, when Sriki and his associates allegedly hacked the Unocoin cryptocurrency exchange and stole 60 Bitcoins.
Investigators further alleged that during 2018 and 2019, the group executed a planned conspiracy to hack an online poker application and the Karnataka government's e-procurement portal, fraudulently diverting Rs 11.5 crore.
The alleged Bitcoin scam first came to light in 2020, when the Kempegowda Nagar Police arrested Sriki in connection with a drug case. During interrogation, investigators allegedly uncovered details of the cryptocurrency-related offences.
The Karnataka government, led by the Congress, constituted a Special Investigation Team in 2023 to probe the case. The Enforcement Directorate launched a money laundering investigation under the PMLA, conducted searches in April, arrested the three accused in May, and has now filed its chargesheet before the Special Court after completing its investigation.
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