A Special Investigation Team (SIT) probing an alleged Bitcoin-linked corruption scandal in Karnataka has opposed bail for two cryptocurrency firm founders who aided a 2020 police investigation.
Sathvik V and Harish B V of Unocoin Technologies Pvt. Ltd. assisted Bengaluru police while questioning hacker Srikrishna Ramesh in multiple cybercrime cases. However, the SIT claims the duo were complicit as police officers coerced Ramesh to hack Bitcoin exchanges during confinement.
One founder allegedly received a Rs 7 lakh transaction from a former policeman named in the SIT’s FIR. The statements from two arrested ex-officers contain serious allegations and further grounds to deny bail per the SIT.
The investigation focuses primarily on accusations of malpractice filed against the former members of the Bengaluru Crime Branch. The arrested Ramesh did not have money or bitcoins; since he was influenced, he was coming to provide Bitcoins after his arrest in 2020.
It eventually led the SIT to deduction, as the Unocoin founders must have known of such illegal activity by Ramesh. It contends that they should have been denied anticipatory bail, as the statements and dealings that were then voluntary would speak volumes about their participation.
Until the total truth is revealed, the parties, like the Unocoin founders, also plead not to be guilty to help the investigators initially.
The coming days will shed more light on the high-profile alleged scam’s circumstances. Given the SIT’s stance, firm action against proven unlawful actions seems guaranteed.
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