According to recent reportsNotorious hacker Srikrishna Ramesh (Sriki) has been accused of orchestrating a bitcoin (btc) scam from a quarantine cell in India’s Parappana Agrahara prison.
The incident involved transferring bitcoin worth Rs 10 million or $1.2 million to different wallets using a smuggled laptop. The revelation has sparked a high-profile investigation by the Criminal Investigation Department’s Special Investigation Team (SIT), which has shed light on alleged bribery, money laundering and tampering with evidence.
bitcoin scam in prison
Srikrishna Ramesh initially came to light in 2020 when he was arrested by the Central Crime Branch (CCB) on charges related to procuring drugs through DarkNet. However, further investigation revealed his involvement in hacking activities.
The CID was also involved in investigating financial fraud cases associated with Sriki, which led to his statement claiming to have handed over bitcoin to police officers.
According to high-ranking sources within the SIT, Sriki managed to move the significant sum of over $1 million in bitcoin while confined in a quarantine cell.
The scam allegedly involved bribing an agent, who smuggled a laptop into the prison at the behest of influential people. During the 20 to 22 minutes that Sriki had access to the laptop, he transferred the stolen bitcoin to multiple wallets, initiating a complex money laundering process.
Authorities suspect that the laundered money may have circulated within India through an undisclosed network. The SIT is actively working to uncover this network and trace the flow of funds.
It is worth noting that Sriki’s prison term lasted almost a year, with the hacker frequently traveling between the residence of a senior prison official and the quarantine cell.
Senior officers will face interrogations
The SIT faces a major challenge in locating the smuggled device as its recovery is crucial to recover crucial evidence related to the bitcoin scam.
Apart from focusing on the jail incident, the SIT is also investigating irregularities in the initial handling of Sriki’s case by the Central Crime Branch, including allegations of tampering with evidence. Three senior officers are scheduled to be questioned as part of the ongoing investigation.
Overall, the bitcoin scam sent shockwaves through law enforcement in India, orchestrated by Srikrishna Ramesh from inside a quarantine cell.
The ongoing investigation highlights the seriousness of the situation, with accusations of bribery, money laundering and tampering with evidence. As the SIT delves deeper into the complex web of this scandal, uncovering the smuggled device and subsequent recovery of evidence will be crucial to bringing those responsible to justice.
Currently, btc is experiencing a day of considerable volatility, with its price fluctuating rapidly between $36,000 and $37,000.
Currently, the market-leading cryptocurrency is trading at $36,800, which means a drop of 1.2% in the last 24 hours. However, it has shown a recent rebound, rising 1.3% in the last hour.
Featured image from Shutterstock, chart from TradingView.com
