The Enforcement Directorate (ED) on Monday conducted coordinated raids at around a dozen locations in Bengaluru in connection with a cryptocurrency-linked money laundering investigation. The searches, carried out under the Prevention of Money Laundering Act (PMLA), included premises linked to Mohammed Haris Nalapad and Omar Farook Nalapad, sons of Karnataka Congress MLA N A Haris, as well as alleged crypto hacker Srikrishna Ramesh alias Sriki.
The case originates from Karnataka Police FIRs related to a 2017 hacking incident involving alleged theft of bitcoins and their subsequent laundering. Officials have stated that the Nalapad brothers are suspected beneficiaries of proceeds generated through the alleged illegal crypto operations.
ED Conducts Extensive Searches
The Enforcement Directorate carried out large-scale searches across Bengaluru on Monday as part of an ongoing investigation into suspected money laundering linked to cryptocurrency transactions. Officials confirmed that around 12 premises were covered under the operation conducted under the Prevention of Money Laundering Act (PMLA).
The raids included properties linked to Mohammed Haris Nalapad and Omar Farook Nalapad, sons of Karnataka Congress MLA N A Haris. Investigators also searched premises associated with Srikrishna Ramesh, commonly known as Sriki, who has been named as a key accused in earlier cybercrime cases.
According to officials, the searches are aimed at tracing the movement of alleged proceeds of crime generated through illegal cryptocurrency-related activities. Digital devices, financial documents and transaction records were reportedly seized during the operation for detailed forensic analysis.
Officials further indicated that the investigation is focused on identifying the flow of funds and establishing connections between individuals allegedly involved in converting stolen cryptocurrency into usable financial assets. The ED has stated that the inquiry is still in progress and more financial linkages may emerge as data is analysed.
2017 Cyberattack Case
The present ED action is rooted in multiple FIRs registered by Karnataka Police dating back to 2017. These cases involve allegations of large-scale hacking of national and international websites, followed by the theft of bitcoins through unauthorised access to digital systems.
Investigators allege that Srikrishna Ramesh and his associates were involved in executing cyber intrusions that led to the illegal acquisition of cryptocurrency. The stolen digital assets were reportedly moved through various channels, including crypto exchanges and layered transactions, to obscure their origin.
Authorities believe that the proceeds from these activities were subsequently converted into other financial forms and integrated into the formal financial system. The ED is now examining whether these funds were distributed among multiple beneficiaries and whether any structured laundering mechanism was used to conceal the origins of the assets.
Officials have also stated that Mohammed Nalapad and Omar Farook Nalapad are suspected to have received benefits linked to these transactions. However, no formal charges have been proven at this stage and the investigation remains ongoing.
Political Attention
The inclusion of individuals linked to a prominent political family has drawn additional public and media attention to the case. Mohammed Nalapad has previously faced scrutiny in other matters and his name appearing in the current investigation has intensified interest in the ED’s findings.
Alongside the Nalapad brothers and Sriki, investigators are reportedly examining connections involving several other individuals and entities. These include associates and relatives of persons already under the scanner, as authorities attempt to reconstruct the complete financial network allegedly involved in the movement of cryptocurrency-linked funds.
The ED is believed to be mapping digital transactions, banking records, and crypto exchange activity to determine whether a coordinated network was used to launder proceeds over several years. Officials have maintained that the investigation is still at an evidence-gathering stage and further action will depend on forensic and financial analysis.
The Logical Indian’s Perspective
This case highlights the urgent need for robust digital governance frameworks and clearer regulatory oversight of cryptocurrencies in India. As digital assets become more widely used, the risks of cyber-enabled financial crimes, including hacking and laundering, are also increasing significantly.
At the same time, it is essential that investigations involving sensitive allegations especially those with potential political links are conducted with strict adherence to due process and without bias or speculation. Public trust in institutions depends on fairness, transparency and evidence-based action.
As India continues to navigate the challenges of regulating emerging digital financial systems, how can we strike the right balance between strengthening cybercrime enforcement and ensuring that justice remains impartial, transparent and rooted in accountability for all?
Enforcement Directorate raids #Bengaluru sites linked to Congress MLA's sons in crypto theft case
— IndiaToday (@IndiaToday) April 20, 2026
Report: @sagayrajp https://t.co/WCVrkGHW0e
