Kunal Mehta, 45, of Irvine, California, has pleaded guilty to his involvement in a multi-state 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 including “Papa,” “The Accountant,” and “Shrek,” admitted before U.S. District Court Judge Colleen Kollar-Kotelly to participating in a RICO conspiracy and laundering at least $25 million.
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, D.C. Field Office joined Pirro in making the announcement.
“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 the 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 operation began before October 2023 and continued through at least March 2025. The group formed from connections on online gaming platforms and included members based in several states including California, Connecticut, New York, Florida as well as abroad.
Mehta acted as a money launderer for an enterprise composed of hackers, organizers, target identifiers, callers, other money launderers and burglars targeting hardware wallets storing virtual currency.
The group employed elaborate ruses both online and via spoofed phone numbers to steal cryptocurrency nationwide. They used proceeds from these crimes on luxury items such as nightclub services costing up to $500,000 per night; handbags worth tens of thousands; watches valued between $100,000 and $500,000; expensive clothing; rental homes in major cities; private jets; security guards; and at least 28 exotic cars with individual values ranging from $100,000 up to $3.8 million.
An indictment alleges that on August 18th 2024 Mehta’s co-conspirator Malone Lam contacted a victim in Washington D.C., ultimately defrauding them out of over 4,100 Bitcoin—valued at $263 million at that time.
Mehta met members of the conspiracy through a money exchanger linked with an exotic car dealership owner early in 2024. He assisted with crypto-to-cash conversions for fees typically set at ten percent.
In addition to converting cryptocurrency into cash using multiple shell companies created during 2024 for laundering purposes via bank accounts intended for legitimacy appearances—Mehta received stolen digital assets already processed by others before passing them onward for further laundering using advanced blockchain techniques. Laundered funds would return via wire transfers involving additional shell companies across different states.
When cash was requested by conspirators Mehta often delivered it personally or performed wire transfers for purchases like exotic vehicles or real estate rentals while retaining his standard fee structure.
He also facilitated car purchases through his shell companies so young co-conspirators could avoid attention drawn by their apparent wealth despite lacking employment records—titling vehicles under company names or straw signers who were paid more than $10k per signing while Mehta collected service fees.
Federal authorities continue efforts against cryptocurrency investment fraud schemes targeting Americans. Officials urge individuals contacted by supposed company representatives seeking personal information or verification codes not respond directly but instead contact organizations using verified customer service lines. More information can be found on the FBI’s website: https://www.fbi.gov/investigate/white-collar-crime/investment-fraud/cryptocurrency-investment-fraud
This investigation is led by the U.S. Attorney’s Office for the District of Columbia along with FBI Washington Field Office and IRS-Criminal Investigation Washington D.C., receiving additional support from Los Angeles and Miami field offices.
Assistant United States Attorney Kevin Rosenberg is prosecuting this case.
