Karnataka - Bommi's Bitcoin Crisis
THE WEEK|November 28, 2021
In his first big test as chief minister, Basavaraj Bommai seems to be more worried about his own partymen than the Congress
Prathima Nandakumar
Karnataka - Bommi's Bitcoin Crisis

THE BJP PULLED OFF a ‘smooth transition’ in Karnataka in July when it replaced B.S. Yediyurappa, its tallest leader in the state, with Basavaraj Bommai as chief minister. Though a surprise pick, Bommai seemed the party’s best bet to retain power in the crucial state owing to his proximity to Yediyurappa (who still holds sway over the politically important Lingayat community), amiable nature, administrative experience and clean image. Even Union Home Minister Amit Shah gave him a rare endorsement when he announced that the party would go to the 2023 assembly polls under Bommai’s leadership.

Though he managed to steady the ship in four months, Bommai has now sailed into a storm with the opposition Congress alleging that his government protected those involved in an unfolding Bitcoin scam.

Srikrishna Ramesh alias Sriki, 26, a self-proclaimed hacker from Jayanagar in Bengaluru, was arrested on November 4, 2020, by the Bengaluru Police’s Central Crime Branch (CCB) under the Narcotic Drugs and Psychotropic Substances Act. He was accused of procuring drugs using Bitcoins and peddling them to high-profile clients. During interrogation, the CCB found that Sriki was involved in several other crimes, including the 2016 Bitfinex hack—one of the largest Bitcoin heists in the world— and the hacking of the Karnataka government’s e-procurement portal. Bommai was the home minister when he was arrested.

هذه القصة مأخوذة من طبعة November 28, 2021 من THE WEEK.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة November 28, 2021 من THE WEEK.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من THE WEEK مشاهدة الكل
What Will It Take To Clean Up Delhi Air?
THE WEEK India

What Will It Take To Clean Up Delhi Air?

IT IS ASKED, year after year, why Delhi’s air remains unbreathable despite several interventions to reduce pollution.

time-read
5 mins  |
December 08, 2024
Trump and the crisis of liberalism
THE WEEK India

Trump and the crisis of liberalism

Although Donald Trump's election to a non-consecutive second term to the US presidency is not unprecedented—Grover Cleveland had done it in 1893—it is nevertheless a watershed moment.

time-read
2 mins  |
December 08, 2024
Men eye the woman's purse
THE WEEK India

Men eye the woman's purse

A couple of months ago, I chanced upon a young 20-something man at my gym walking out with a women’s sling bag.

time-read
2 mins  |
December 08, 2024
When trees hold hands
THE WEEK India

When trees hold hands

A filmmaker explores the human-nature connect through the living root bridges

time-read
3 mins  |
December 08, 2024
Ms Gee & Gen Z
THE WEEK India

Ms Gee & Gen Z

The vibrant Anuja Chauhan and her daughter Nayantara on the generational gap in romance writing

time-read
5 mins  |
December 08, 2024
Vikram Seth-a suitable man
THE WEEK India

Vikram Seth-a suitable man

Our golden boy of literature was the star attraction at the recent Shillong Literary Festival in mysterious Meghalaya.

time-read
2 mins  |
December 08, 2024
Superman bites the dust
THE WEEK India

Superman bites the dust

When my granddaughter Kim was about three, I often took her to play in a nearby park.

time-read
3 mins  |
December 08, 2024
OLD MAN AND THE SEA
THE WEEK India

OLD MAN AND THE SEA

Meet G. Govinda Menon, the 102-year-old engineer who had a key role in surveying the Vizhinjam coast in the 1940s, assessing its potential for an international port

time-read
4 mins  |
December 08, 2024
Managing volatility: smarter equity choices in uncertain markets
THE WEEK India

Managing volatility: smarter equity choices in uncertain markets

THE INDIAN STOCK MARKET has delivered a strong 11 per cent CAGR over the past decade, with positive returns for eight straight years.

time-read
3 mins  |
December 08, 2024
Investing in actively managed low-volatility portfolios keeps risks at bay
THE WEEK India

Investing in actively managed low-volatility portfolios keeps risks at bay

AFTER A ROARING bull market over the past year, equity markets in the recent months have gone into a correction mode as FIIs go on a selling spree. Volatility has risen and investment returns are hurt.

time-read
2 mins  |
December 08, 2024