ED Conducts Raid on 12 Bengaluru Locations in Cryptocurrency-Related Money Laundering Investigation

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ENFORCEMENT DIRECTORATE CONDUCTS COORDINATED SEARCHES IN CYBER HACKING AND CRYPTO CURRENCY FRAUD PROBE

The Enforcement Directorate (ED) conducted simultaneous searches at 12 locations across Bengaluru on April 20, 2026, as part of an ongoing investigation into alleged cryptocurrency fraud and cybercrime-linked money laundering.

Probe Centers Around Accused Hacker

The probe centers around accused hacker Srikrishna Ramesh, also known as Sriki, who has previously been implicated in various cyber-related offenses. According to officials, the investigation involves tracing the flow of funds allegedly generated through hacking of government portals and online platforms, which were subsequently transferred to individuals under scrutiny, including politically exposed persons and their associates.

According to officials, “the investigation involves tracing the flow of funds allegedly generated through hacking of government portals and online platforms, which were subsequently transferred to individuals under scrutiny, including politically exposed persons and their associates.”

The ED is analyzing blockchain records, banking transactions, and digital wallet activity to map the full extent of the alleged money trail.

Searches Yield Significant Evidence

During the searches, investigators reportedly seized multiple documents, electronic devices, and financial records from residential and commercial premises. These materials are now undergoing forensic examination to reconstruct the alleged transaction network and identify intermediaries involved.

According to officials, “multiple documents, electronic devices, and financial records” were seized during the searches.

The role of potential facilitators and financial handlers is also under scrutiny as part of the broader probe.

Case Origins and Next Steps

The case originates from earlier investigations conducted by Karnataka Police, which had filed a chargesheet against Sriki in 2021. He was accused of hacking an online gaming platform and a government website. Investigators had also flagged his alleged involvement in a wider network dealing in cryptocurrencies and suspected illicit financial transactions.

Experts note that “cryptocurrency-based financial crimes have become increasingly complex due to the decentralized and pseudonymous nature of blockchain transactions, making enforcement and tracking significantly more challenging.”

Forensic analysis of seized digital evidence is currently underway, and the findings are expected to play a crucial role in determining the next steps of the investigation, including further questioning of individuals linked to the case. Additional persons may be summoned for interrogation depending on the outcome of the digital and financial analysis.