Crypto Extortion Racket: Top IPS Officer Under Investigation

The Karnataka Lokayukta uncovered an extortion racket led by IPS officer Srinath Mahadev Joshi, converting blackmailed funds into cryptocurrency. Joshi, in contact with an alleged accomplice, faces scrutiny from the Karnataka High Court, which granted a temporary stay on proceedings. The Lokayukta urges disciplinary action.

A major extortion racket has come to light in Karnataka, allegedly involving IPS officer Srinath Mahadev Joshi. The Karnataka Lokayukta reports that the officer, along with associate Ningappa Sawant, blackmailed government officials and converted the money into cryptocurrency.

In a detailed statement released Thursday, the Lokayukta revealed that Ningappa Sawant was apprehended for making threatening WhatsApp calls to officials from the Excise and Bruhat Bengaluru Mahanagara Palike departments. Using the codeword 'KG', Sawant had significant investments in 13 out of his 24 crypto wallets, totaling Rs 4.92 crore.

The investigation pointed to Joshi's involvement, prompting the Lokayukta to secure a search warrant for his residence. While both Joshi and Sawant have obtained temporary stays from the Karnataka High Court, the Lokayukta has recommended action against Joshi under The All India Services (Conduct) Rules.

(With inputs from agencies.)