Bitcoin Bandit: Inmate Pulls Off Daring $1.2 Million Bitcoin Heist From Behind Bars

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According to recent reports, notorious 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 the transfer of Bitcoin worth ₹10 crore or $1.2 million to different wallets using a smuggled laptop. The revelation has sparked a high-profile investigation by the Special Investigation Team (SIT) of the Criminal Investigation Department, which has shed light on alleged bribery, money laundering, and evidence tampering.

Prison Bitcoin Scam

Srikrishna Ramesh initially came into the spotlight in 2020 when he was arrested by the Central Crime Branch (CCB) on charges related to drug procurement via the DarkNet. However, further investigation revealed his involvement in hacking activities

The CID was also involved in probing financial fraud cases associated with Sriki, which led to his statement claiming to have given Bitcoin to police officials.

According to highly-placed sources within the SIT, Sriki managed to move the significant sum of over $1 million worth of Bitcoin while confined to a quarantine cell. 

The scam allegedly involved the bribery of a constable, who smuggled a laptop into the prison at the behest of influential individuals. During the 20-22 minutes that Sriki had access to the laptop, he transferred the stolen Bitcoin to multiple wallets, initiating a complex money laundering process.

Authorities suspect the laundered money may have been 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 stint lasted for nearly a year, with the hacker frequently shuttling between the residence of a senior prison officer and the quarantine cell.

Senior Officers To Face Questioning

The SIT faces a significant challenge in locating the smuggled device, as its recovery is crucial for retrieving crucial evidence related to the Bitcoin scam. 

In addition to focusing on the prison incident, the SIT is also investigating irregularities in the Central Crime Branch’s initial handling of Sriki’s case, which includes allegations of evidence tampering. Three senior officers are slated to be questioned in the ongoing inquiry.

Overall, the Bitcoin scam sent shockwaves through law enforcement in India, orchestrated by Srikrishna Ramesh from inside a quarantine cell.

The unfolding investigation highlights the gravity of the situation, with allegations of bribery, money laundering, and evidence tampering. As the SIT delves deeper into the complex web of this scandal, uncovering the smuggled device and the subsequent retrieval of evidence will be crucial in bringing those responsible to justice.

Bitcoin
BTC’s volatile price action on the daily chart. Source: BTCUSDT on TradingView.com

At present, BTC is experiencing a day of considerable volatility, with its price fluctuating rapidly between $36,000 and $37,000.

Currently, the leading cryptocurrency in the market is trading at $36,800, signifying a 1.2% decline over the past 24 hours. However, it has shown a recent uptick, with a 1.3% gain in the past hour.

Featured image from Shutterstock, chart from TradingView.com 

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