A recent forensic analysis has introduced new revelations in the ongoing Karnataka Bitcoin scam, significantly increasing the suspected scale of the fraud. According to a report dated May 21, 2024, from the Centre for Development of Advanced Computing (C-DAC), police officials involved in the investigation of serial hacker Srikrishna Ramesh, also known as Sriki, unlawfully accessed his laptops and cryptocurrency documents post-arrest in November 2020.
In addition to the C-DAC findings, a confession from private cyber forensic expert B.S. Gagan Jain has further complicated the case. Jain, who assisted the Bengaluru Crime Branch, testified that Sriki’s devices contained approximately 4,000 Bitcoins, estimated to be worth around Rs 850 crore in 2020. This startling discovery suggests that the Bitcoin scam may be significantly larger than previously suspected.
The Special Investigation Team (SIT) of the Karnataka CID is now examining allegations that during the BJP government’s tenure (2019-2023), funds and cryptocurrency valued in crores were allegedly diverted by police officers, politicians, and other individuals after Sriki’s arrest. The SIT’s recent report marks a dramatic increase in the estimated value of the scam from earlier speculations of Rs 9 crore to Rs 63 crore, now potentially reaching Rs 850 crore.
Recent court proceedings have revealed that former Bengaluru Crime Branch officers, including Police Inspector Prashanth Babu and Deputy Superintendent of Police Shridhar Pujar, are under scrutiny. These officers, previously granted bail in connection with alleged illegal confinement and evidence tampering, are now being investigated for the possible destruction of crucial evidence and illicitly accessing Sriki’s Bitcoin assets.
The C-DAC report has highlighted that Babu, who led the technical cell of the Bengaluru Crime Branch, may have transferred contents from Sriki’s MacBooks to his personal laptop, potentially including sensitive cryptocurrency data. Additionally, a July 2023 Forensic Science Laboratory report confirmed that Sriki’s seized gadgets were accessed between November 17 and November 21, 2020, when they were supposed to be secured.
In recent hearings, the Karnataka High Court rejected Babu’s anticipatory bail plea and is considering the rejection of Pujar’s similar plea. The SIT’s findings, including the revelation of evidence tampering and illegal data access, have played a pivotal role in these legal decisions.
The unfolding developments in this case not only highlight the complexities of cryptocurrency investigations but also underscore the importance of rigorous forensic analysis in uncovering the truth behind high-stakes financial crimes.
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