ED Arrests Bengaluru Hacker, Two Over $1.3M Bitcoin Theft

The Enforcement Directorate arrested Bengaluru resident Srikrishna, who uses the alias Sriki, and associates Robin Khandeval and Sunish Hegde on Saturday in connection with an alleged Rs 11.5 crore (about $1.3 million) Bitcoin theft dating to 2017. A special court granted the ED 10 days of custody for questioning and further investigation.

The ED alleges the theft began in 2017 when the group breached multiple domestic and international websites and transferred Bitcoin, including coins traced to a Dubai-based exchange. Investigators say the stolen cryptocurrency was moved through a chain of crypto wallets and into bank accounts tied to several people in Karnataka.

On April 20 the agency conducted raids at 12 locations linked to the accused and their contacts. Properties connected to Mohammed Haris Nalapad and Omar Farook Nalapad, identified as sons of Shantinagar MLA N.A. Haris, were searched. The residence of Mohammed Hakeeb Khan, described as the grandson of former Union minister K. Rehman Khan, was also searched after officials flagged suspicious transfers.

Initial inquiries were carried out by Bengaluru’s Central Crime Branch, then transferred to Karnataka’s Criminal Investigation Department before the ED took over under the Prevention of Money Laundering Act. The agency has been tracing on-chain movements and conventional banking transactions to map the flow of funds.

ED officials have sought custody to seize digital devices and financial records that could show how the funds moved, to identify intermediary wallets and any conversions to fiat currency. Investigators continue to examine transactions between Srikrishna and Hakeeb Khan as part of the probe.

Srikrishna first came to police attention in November 2020 after an arrest linked to purchasing hydroponic ganja on the dark web using Bitcoin. That earlier case is part of investigators’ review of his digital activity and connections.

Indian authorities have increased enforcement of cases that mix digital assets with traditional finance. The FBI reported $11.4 billion in cryptocurrency losses in the United States in 2025.