A Californian man (45) recently pleaded guilty to charges stemming from his role in a sprawling multi‑state conspiracy that stole hundreds of millions of dollars in cryptocurrency through social engineering schemes. The announcement was made by U.S. Attorney Jeanine Ferris Pirro, alongside senior officials from the Federal Bureau of Investigation (FBI) and Internal Revenue Service (IRS) Criminal Investigation.
Kunal Mehta — known by aliases including “Papa,” “The Accountant,” and “Shrek” — admitted before U.S. District Court Judge Colleen Kollar‑Kotelly that he laundered at least $25 million as part of the enterprise. According to a statement released by the U.S. Attorney’s Office, Mehta is the eighth defendant to plead guilty in the case.
Related: $8M in Crypto Stolen in Armed Kidnapping; Suspects Arrested in Texas
Court documents reveal a conspiracy that began before October 2023 and continued through March 2025, evolving from online gaming friendships into a criminal enterprise spanning California, Connecticut, New York, Florida and overseas. The group included hackers, organizers, target identifiers, and even residential burglars targeting hardware crypto wallets.
The scheme reportedly relied on spoofed phone numbers and elaborate online ruses to trick victims into handing over access to their digital assets. The stolen cryptocurrency funded extravagant lifestyles, including $500,000 nightclub parties, luxury handbags and watches worth hundreds of thousands of dollars. The conspirators also used the funds to rent private jets, mansions in Los Angeles and Miami, as well as to acquire a fleet of 28 exotic cars valued between $100,000 and $3.8 million.
One of the most significant thefts occurred on Aug. 18, 2024, when co‑conspirators fraudulently obtained more than 4,100 bitcoins from a victim in Washington, D.C.
According to U.S. prosecutors, Mehta’s role was central to laundering the proceeds. He created shell companies to disguise ownership and converted crypto to cash for a 10% fee. Mehta also facilitated wire transfers to luxury car dealerships, private jet firms, and real estate companies.
“Mehta and his co‑conspirators stole hundreds of millions of dollars in cryptocurrency and laundered it to appear legitimate, spending lavishly on themselves,” said U.S. Attorney Pirro. “We are committed to rooting out fraud and holding those responsible fully accountable.”
FBI Special Agent in Charge Reid Davis added: “This plea reaffirms the FBI’s commitment to exposing fraudsters and should remind Americans to beware of online scammers. Do not reply to calls, emails, or texts requesting personal information such as passwords or one‑time codes.”
Mehta now faces sentencing for his role in the Racketeer Influenced and Corrupt Organizations Act (RICO) conspiracy. Prosecutors say the case underscores both the scale of crypto‑related fraud and the federal government’s determination to pursue those exploiting digital assets for criminal gain.
- Who pleaded guilty in the U.S.? Kunal Mehta, 45, of California admitted to laundering $25M in a crypto fraud scheme.
- How widespread was the conspiracy? It spanned multiple U.S. states and overseas, using social engineering to steal hundreds of millions.
- What did the stolen crypto fund globally? Extravagant spending on luxury cars, private jets, mansions, and $500K nightclub parties.
- What’s next in the case? Mehta faces sentencing under RICO laws as U.S. prosecutors intensify crackdowns on crypto fraud.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
