BENGALURU
A high-intensity operation by the Enforcement Directorate (ED) has intensified the ongoing Bitcoin-related probe in Bengaluru, with officials seizing crucial digital evidence after a marathon 21-hour raid at premises linked to Mohammed Nalapad.
The search at Nalapad’s residence formed part of a wider crackdown, with ED teams simultaneously conducting coordinated raids at 17 locations across the city. Among the prominent sites covered was the residence of MLA and BDA Chairman NA Haris in Ashok Nagar, along with several other premises associated with Nalapad.
Investigators are probing alleged financial transactions between Mohammed Nalapad and Srikrishna Ramesh, also known as Srikki, a key accused in a major cryptocurrency hacking case. Officials suspect that transactions worth nearly ₹4.5 crore took place between the two over several years, and are examining whether these dealings are linked to illegal Bitcoin operations or violations of financial regulations.
Srikki, described by authorities as an international hacker, is accused of orchestrating multiple cyberattacks targeting cryptocurrency platforms. Investigations suggest he hacked exchanges such as Unocoin in 2017, allegedly stealing around 60.6 Bitcoins, and is also believed to have been involved in the theft of nearly 400 Bitcoins from Bitfinex.
Officials suspect that the stolen cryptocurrency was concealed using advanced methods, including what investigators refer to as a “ghost protocol,” before being transferred and possibly sold to influential individuals. The ED is now analysing seized electronic devices and data to trace money trails and establish the extent of financial links.
The case has previously been handled by multiple agencies, including the Central Crime Branch (CCB) and the Criminal Investigation Department (CID), before being handed over to a Special Investigation Team (SIT). Nalapad had earlier been questioned by the SIT in June 2024 in connection with the case.
With fresh evidence now in hand, authorities are expected to deepen the probe further. While officials have not disclosed specific findings yet, the extensive searches signal a significant escalation in efforts to unravel the alleged Bitcoin network and its financial connections.
