Enforcement Directorate on Monday conducted multiple searches across Karnataka in connection with an alleged cybercrime and money laundering network involving Bengaluru-based hacker Srikrishna Ramesh, also known as Sriki.
Officials said the operation covered 12 premises in the state under provisions of the Prevention of Money Laundering Act (PMLA).
Multiple allegations under probe
The ED said its investigation is based on several FIRs and charge sheets filed by Karnataka Police involving allegations such as hacking of national and international websites, theft of bitcoins, extortion and offences under narcotics laws.
Searches were also carried out at locations linked to Mohammed Haris Nalapad and Omar Farook Nalapad, sons of N A Haris.
Crypto trail and financial layering
According to officials, investigators suspect stolen cryptocurrencies were routed through multiple trading platforms to hide their origin.
The funds were then allegedly moved through various bank accounts in a layering process aimed at avoiding detection.
Authorities believe the money was later used for personal expenses and benefits by the accused and associates.
Digital evidence sought
The residence of Sriki was also searched as part of the operation.
Officials said the raids were aimed at collecting digital devices, records and financial documents to determine the scale of the alleged network and identify any further involvement.
Investigation continues
No final conclusions have been announced, and the matter remains under active investigation.
The case has drawn wide attention due to its mix of cybercrime, cryptocurrency and alleged high-profile links.