Kunal Mehta Pleads Guilty in $263 Million Cryptocurrency Theft Scheme
Kunal Mehta, 45, of California, has pled guilty to charges related to a RICO conspiracy and laundering at least $25 million in cryptocurrency as part of a broader group involved in stealing a total of $263 million nationwide. Mehta, also known by aliases such as “Shrek,” “Papa,” and “The Accountant,” played a key role in money laundering, moving stolen funds through crypto exchanges and coin mixers, and providing crypto-to-cash and crypto-to-wire laundering services.
The criminal group began operations in October 2023 and was charged with various distinct roles including hacking, target identification, and burglary. A total of 13 individuals have been charged in a superseding indictment. Mehta was the eighth defendant to plead guilty and was the oldest among six defendants residing in California, with some co-defendants as young as 18.
The group used the stolen proceeds to finance lavish expenditures including nightclubs, luxury cars, watches, jewelry, designer handbags, and rental properties located in Los Angeles and Miami. Authorities listed 28 vehicles for forfeiture, noting that Mehta held exotic cars in his name to obscure their true ownership. He also allegedly delivered approximately $500,000 in cash in a duffel bag to a co-defendant as part of the laundering operation.
