Archive · 29 Aug 2026
Court denies Bengaluru hacker bail over Rs 288 crore trail
A court refused to release Bengaluru hacker Srikrishna Ramesh, also called Sriki, on bail.
Investigators say he made money by breaking into cryptocurrency exchanges, gaming websites and government tender systems.
They estimate the suspected criminal proceeds at nearly Rs 289 crore.
The Enforcement Directorate says the money was moved through many digital wallets and cryptocurrency services.
These methods allegedly made it harder to follow where the money went.
The court said that not finding the money in physical form does not end the case because cryptocurrency can be stored digitally.
Sriki’s accountant Robin Khandelwal was also denied bail.
The case is connected to allegations involving some police officers, politicians and business associates.
A special PMLA court rejected bail for hacker Srikrishna Ramesh, known as Sriki, and accountant Robin Khandelwal.
The Enforcement Directorate quantified the alleged proceeds of crime at approximately Rs 288.96 crore.
Investigators allege that Sriki hacked cryptocurrency exchanges, gaming sites and state e-tender portals between 2017 and 2021.
The court said digital assets were allegedly routed through wallets, mixers and CoinJoin to conceal the money trail.
The case is linked to wider allegations of police and political involvement in Karnataka’s cryptocurrency and cybercrime investigations.
- Who
- Hacker Srikrishna Ramesh alias Sriki and accountant Robin Khandelwal; the Enforcement Directorate is investigating the alleged money laundering.
- What
- A special court rejected their bail pleas in a money-laundering case involving an alleged Rs 288.96 crore proceeds trail.
- When
- The court issued its order on August 27; Sriki was arrested by the Enforcement Directorate on May 8 and had been jailed for three months.
- Where
- The proceedings concern alleged cybercrimes and money laundering linked to Bengaluru and Karnataka.
- Why
- The court found prima facie material alleging that the accused generated, transferred, concealed and used proceeds from hacking activities.
Prosecution and court’s view
Accused’s defense
Strength of the case
Prosecution and court’s view
The ED alleged that Sriki directly generated and handled proceeds from hacking, routed them through digital wallets and concealed them using cryptocurrency tools. The court said the available digital, financial and corroborative material did not support a reasonable belief that he was not guilty.
Accused’s defense
Sriki argued that he had cooperated with the ED and responded to more than 30 summonses over five years, making his May 8 arrest unwarranted.
Recovery of alleged proceeds
Prosecution and court’s view
The court said the absence of proceeds in physical possession did not undermine the case because the allegations mainly concern virtual digital assets transferable through wallets and cryptocurrency platforms.
Accused’s defense
The defense relied on the lack of physical recovery or attachment from Sriki’s possession as a reason the prosecution case should not justify continued detention.
Role in the alleged crimes
Prosecution and court’s view
The court described the alleged role as neither peripheral nor incidental and noted that Sriki allegedly continued illegal activities after his 2020 arrest.
Accused’s defense
Sriki disputed the need for detention, citing his cooperation with investigators; the court nevertheless rejected bail because of the alleged offences’ gravity and the size of the claimed proceeds.
- Alleged proceeds
- Approximately Rs 288,96,54,677, or about Rs 288.96 crore.
- Primary accused
- Srikrishna Ramesh, alias Sriki, a 30-year-old Bengaluru hacker.
- Arrest
- The Enforcement Directorate arrested Sriki on May 8.
- Alleged methods
- The ED cited multiple wallets, intermediary channels, mixers and CoinJoin.
- Alleged uses
- The proceeds were allegedly used for betting, gambling, hotels, travel, luxury spending and payments to associates.
- Khandelwal allegation
- The court cited alleged proceeds of Rs 1.28 crore and the seizure of USDT 53,936.99.
- Related cybercrime
- The case includes an alleged Rs 11.5 crore theft from Karnataka’s e-procurement portal in 2019 and the 2017 Unocoin exchange hack.