A 19-year-old from Danbury, Connecticut, has pleaded guilty to his role in a $245 million cryptocurrency theft that led to the kidnapping of his parents in a botched ransom scheme. Federal court documents unsealed this week reveal that Veer Chetal admitted to conspiracy charges of fraud and money laundering and has agreed to cooperate with authorities, potentially testifying against his co-defendants.
The brazen theft, which unfolded in August 2023, saw Chetal and two accomplices steal 4,100 Bitcoins from a Washington, D.C., victim identified in court filings only as “RW.” Prosecutors say the trio posed as trusted employees of major technology firms in an elaborate social engineering scam designed to trick the victim into handing over access to crypto accounts.
Following the digital heist, the group went on a lavish spending spree, purchasing high-end cars, expensive jewellery, and luxury rentals and hosting extravagant nightclub parties.
Kidnapping Fallout Hits Close to Home
Just one week after the theft, the real-world consequences of the crime escalated violently. In Danbury, Chetal’s parents were targeted in a failed ransom attempt. Believing Chetal still had access to a large reserve of stolen cryptocurrency, a group of assailants staged a daylight attack.
The suspects rammed the couple’s Lamborghini before dragging them from the vehicle, assaulting them, and forcing them into a van. The kidnapping was thwarted quickly due to eyewitness accounts and the presence of an off-duty FBI agent passing by at the time, leading to the arrest of the perpetrators.
Authorities later connected the kidnapping to Chetal’s involvement in the Bitcoin theft, adding another layer of drama to an already complex investigation.
Guilty Plea, Potential Deportation
Chetal’s criminal case was initially sealed but has now been made public, confirming that he entered guilty pleas in November 2024. According to federal sentencing guidelines, he could face 19 to 24 years in prison, a fine ranging between $50,000 and $500,000, and full restitution to the victim. His cooperation with investigators, including his willingness to testify, may affect sentencing outcomes.
Court records also indicate that Chetal, who immigrated to the United States from India with his family in 2010, may face deportation after serving any prison sentence. His father, who held a foreign worker visa and was employed at Morgan Stanley, reportedly lost his job following the kidnapping and his son’s implication in the crypto crime.
Chetal was enrolled at Rutgers University in New Jersey at the time of the heist but later withdrew. He was initially released on his own recognisance, but federal prosecutors requested pretrial detention after discovering Chetal failed to disclose involvement in an additional $2 million cryptocurrency theft in October 2024 after he had already begun cooperating with investigators.
Part of a Much Larger Web
Chetal’s plea sheds light on a far-reaching digital crime ring. One of his co-defendants, Malone Lam, was recently indicted along with 12 others in a massive online racketeering conspiracy that spans the U.S. and international jurisdictions. Federal authorities estimate that the group’s activities brought in more than $260 million through a series of sophisticated social engineering and phishing attacks.
According to prosecutors, the criminals would send fake security alerts to crypto investors, warning them of unauthorised access attempts. When victims responded, the scammers impersonated employees from tech companies like Google or Yahoo to gain further control of accounts.
During a September 2024 raid on Chetal’s apartment in Brunswick, New Jersey, and his parents’ home in Danbury, agents discovered over $500,000 in cash, luxury watches, designer clothing, and $39 million worth of cryptocurrency, which Chetal has since forfeited.
Ripple Effects in the Crypto Space
The case has amplified concerns about the intersection of digital crime and physical violence. As cryptocurrency becomes more mainstream, law enforcement agencies warn that criminals are increasingly willing to use intimidation and force to access digital assets.
While Chetal’s sentencing date has not been announced, his cooperation is expected to play a key role in future prosecutions tied to the multi-million-dollar cybercrime operation.
With the line between virtual wealth and real-world danger growing thinner, authorities emphasise the urgent need for cybersecurity vigilance not just for individuals but for families who may find themselves unwillingly caught in the crossfire.
