BENGALURU: The Karnataka High Court granted bail to Robin Khandelwal and Srikrishna Ramesh, aka Sriki, in connection with proceedings initiated by ED under the Prevention of Money Laundering Act involving cryptocurrency, in which the probe so far has revealed that Rs 294.93 crore in proceeds of crime was allegedly acquired by three accused.
Justice S Vishwajith Shetty passed the order with certain conditions. The accused shall execute a personal bond for a sum of Rs 1 lakh each, with two sureties for the like sum, and appear regularly on all dates of hearing before the trial court. According to the petitioners, who are accused Nos. 1 and 3, respectively, they were arrested on May 8, 2026, and remanded to judicial custody in connection with the case registered in 2021.
After the investigation, the prosecution complaint was filed in July 2026, and the case before the trial court is at the pre-cognisance stage.
Considering the volume of the chargesheet and the number of chargesheet witnesses, the chances of the trial being completed in the near future are very remote. Under similar circumstances, the Supreme Court has granted regular bail, and they prayed that the court grant them bail.
The ED contended that although the final report has been filed, the proceeds of crime have not yet been completely traced.
Therefore, if the petitioners are enlarged on bail, the possibility of them misusing or otherwise shifting the proceeds of crime from their present location cannot be ruled out, the ED pleaded, while seeking rejection of the petitions.
