First Additional Senior Civil and Judicial Magistrate First Class court in Tumakuru granted conditional bail to hacker Srikrishna Ramesh aka Sriki and his associate Robin Kandelwal on Tuesday in a case registered at New Extension police station in Tumakuru district in 2017.
The court granted bail asking the first accused Sriki to pay ₹50,000 in bond with one surety and ₹25,000 bond and one surety for the second accused Khandelwal.
The advocate appearing for the accused argued that the SIT has not filed a charge sheet within 60 days in the case, and citing the Supreme Court orders, sought bail.
While Sriki was arrested by the Special Investigation Team (SIT) of the Criminal Investigation Department (CID) probing bitcoin scam on May 7, his associate was arrested on May 25. In the FIR registered at the station it was alleged that some unknown persons hacked into the database of the company and stole 60.6 bitcoins. One coin was worth ₹1,67,481 when they were stolen. The case was registered based on the complaint filed by complaint filed by Harish B.V., director of Unocoin Technologies Private Limited.
After arresting the duo, the SIT booked the accused under Karnataka Control of Organised Crime (KCOCA) Act 2000. The same was challenged in the High Court by the accused. The High Court in the first week of July adjudicating the case quashed the KCOCA Act. This provided big relief for the accused.
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