- Kunal Mehta admitted to laundering $25 million for a crypto theft ring that stole over $263 million.
- U.S. Attorney Jeanine Pirro announced the guilty plea, citing RICO conspiracy charges.
- The news follows prison sentences for Wolf Capital’s Travis Ford and Fabric CFO Nevin Shetty.
Kunal Mehta, a 45-year-old individual from Irvine, California, has become the eighth suspect to plead guilty in the ongoing case of a multi-state conspiracy that used social engineering to steal hundreds of millions of dollars in cryptocurrency from victims throughout the United States.
Mehta and Co. Stole Hundreds of Millions From Victims
According to an announcement by US Attorney Jeanine Pirro, Mehta pleaded guilty to participating in a RICO conspiracy before U.S. District Court Judge Colleen Kollar-Kotelly, admitting to having helped the syndicate to launder at least $25 million of the stolen funds.
FBI Special Agent in Charge Reid Davis of the Washington Field Office Criminal Division and Executive Special Agent in Charge Kareem Carter of the Internal Revenue Service – Criminal Investigation (CI), Washington, DC Field Office, joined in the announcement. They noted that Mehta, along with his co-conspirators, stole hundreds of millions of dollars in cryptocurrency from victims and then laundered that money to give it the appearance of legitimacy.
The FBI is Committed to Exposing Fraudsters
According to the FBI, Mehta’s plea reaffirms the bureau’s commitment to exposing fraudsters and should remind Americans to beware of online scammers.
The agents warned the public not to reply to calls, emails, or texts that request personal information, such as your password, PIN, or any one-time passwords that are sent to their emails or phones.
The $263 Million ‘Social Engineering’ Scheme
Court documents reveal that this particular social engineering scheme started before October 2023, continuing until March 2025. The syndicate targeted individuals on online gaming platforms. The group included database hackers, callers, and even residential burglars who physically stole hardware wallets.
The fraudsters, among whom Mehta played the role of a launderer, targeted online gaming platforms comprising individuals from California, Connecticut, New York, Florida, and abroad. Prosecutors allege the ring stole hundreds of millions in cryptocurrency, with total estimates exceeding $263 million.
More Suspects Face Judgment
Last Friday, a US court sentenced Travis Ford, a 36-year-old man from Oklahoma linked to the same case, to 60 months in prison, ordering him to pay over $1 million in forfeiture and over $170,000 in restitution.
Before then, 41-year-old Nevin Shetty was found guilty of four counts of wire fraud for taking and misusing some $35 million from his former employer.
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Source: https://coinedition.com/kunal-mehta-crypto-money-laundering-rico-plea-263m-theft/
