California Man Pleads Guilty to Cryptocurrency Fraud and Money Laundering

According to PANews, a California resident, Kunal Mehta, has admitted to participating in a cryptocurrency fraud ring and pleaded guilty to violating the Racketeer Influenced and Corrupt Organizations (RICO) Act. The group is accused of using social engineering tactics to steal cryptocurrency assets valued at $263 million, now estimated at $385 million, across the United States. These assets were reportedly spent on luxury items such as cars, nightclubs, watches, bags, and private jets. Mehta allegedly used shell companies to purchase and hold luxury vehicles like Lamborghinis and Rolls-Royces to conceal the identities of his underage accomplices.