Karnataka police have charged youth Congress leader Mohammed Nalapad and hacker Srikrishna for their alleged roles in the 2017 theft of 60.6 Bitcoins from the Unocoin cryptocurrency exchange.

Key Points

• The SIT chargesheet names Mohammed Nalapad, hacker Srikrishna, and accountant Robin Khandelwal in the Rs 1.14 crore Unocoin theft.
• The Enforcement Directorate arrested Srikrishna, Khandelwal, and associate Sunish Hegde in May 2026 for laundering funds from multiple cybercrimes.
• Investigators allege the stolen cryptocurrency financed a lavish lifestyle, including private jet rentals, gambling, and high-end hotel stays.
• The probe links the Nalapad brothers and Aqueeb Khan to the proceeds of crime under the Prevention of Money Laundering Act.
• The SIT is also investigating allegations of police corruption during the initial 2020-2023 investigation into Srikrishna’s hacking activities.

Why it Matters

This case highlights the intersection of high-profile political figures and sophisticated cybercrime, raising significant questions about the integrity of past law enforcement investigations. The ongoing legal scrutiny underscores the challenges authorities face in tracking laundered cryptocurrency and addressing potential corruption within state investigative agencies.