Kunal Mehta, a 45-year-old resident of Irvine, California, has pleaded guilty to participating in a racketeering conspiracy that stole hundreds of millions of dollars in cryptocurrency from victims across the United States. The announcement was made by U.S. Attorney Jeanine Ferris Pirro.
Mehta, who used aliases such as “Papa,” “The Accountant,” and “Shrek,” admitted to laundering at least $25 million as part of the scheme. He entered his plea before U.S. District Court Judge Colleen Kollar-Kotelly.
FBI Special Agent in Charge Reid Davis and Executive Special Agent in Charge Kareem Carter of the Internal Revenue Service - Criminal Investigation (CI), Washington, D.C. Field Office, joined Pirro in announcing the plea.
“Kunal 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, spending it lavishly on themselves,” said U.S. Attorney Pirro. “We are committed to rooting out fraud and holding those responsible fully accountable.”
“Mehta is the eighth defendant to plead guilty for his role in this scheme,” said FBI’s Davis. "Today's 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 that request personal information, such as your password, PIN, or any one-time passwords that are sent to your email or phone."
According to court documents, the conspiracy began before October 2023 and continued through at least March 2025. The group formed through relationships developed on online gaming platforms and included members based in several states including California, Connecticut, New York, Florida as well as individuals abroad.
Mehta acted as a money launderer within an organization composed of hackers, organizers, target identifiers, callers, other money launderers and residential burglars who targeted hardware wallets containing virtual currency.
The enterprise used elaborate online ruses and spoofed phone numbers to steal cryptocurrency from victims nationwide. The stolen funds were spent on luxury goods and services such as expensive nightclub outings costing up to $500,000 per night; high-end handbags; watches valued between $100,000 and $500,000; designer clothing; rentals for homes in Los Angeles, Miami and the Hamptons; private jet charters; security teams; and a fleet of at least 28 exotic cars worth up to $3.8 million each.
An indictment alleges that on August 18th 2024 two associates contacted a victim in Washington D.C., ultimately stealing over 4,100 Bitcoin—valued at $263 million at that time but now worth more than $384 million.
Mehta first met members of this group early in 2024 via a money exchanger linked with an exotic car dealership owner in Los Angeles. He charged a ten percent fee for converting stolen cryptocurrency into cash sums reaching tens of thousands of dollars.
In 2024 Mehta set up multiple shell companies designed for laundering proceeds through bank accounts appearing legitimate. He received already-laundered crypto from others involved before further transferring these assets using sophisticated blockchain methods among additional shell companies throughout the country.
When cash was needed by conspirators Mehta often delivered it personally or performed wire transfers—for example sending stolen funds directly toward purchases like exotic cars or real estate rentals—in exchange for his usual ten percent commission.
He also facilitated vehicle purchases for young co-conspirators by titling luxury vehicles under his shell companies’ names rather than theirs due their lack of visible income sources. Straw signers were paid over $10k per transaction so their names could appear on official documents instead while Mehta took another ten percent cut per deal.
Federal agencies including the FBI’s Washington Field Office and IRS-Criminal Investigation continue working together with support from field offices in Los Angeles and Miami both investigating cases like this one as well as educating Americans about how they can avoid falling victim to similar scams by consulting resources available on the FBI's website dedicated specifically towards cryptocurrency investment fraud prevention tips.
Assistant United States Attorney Kevin Rosenberg is prosecuting this case alongside other members from the Fraud Public Corruption & Civil Rights Section within the U.S Attorney’s Office for D.C.
