CALIFORNIA – The U.S. Department of Justice (DOJ) announced on November 18 that a California man pleaded guilty in connection with his role in a multi-state conspiracy that used social engineering to steal hundreds of millions of dollars in cryptocurrency from victims throughout the United States.

Kunal Mehta, 45, of Irvine—also known as ‘Papa,’ ‘The Accountant,’ and ‘Shrek,’ pleaded guilty to participating in a RICO conspiracy before U.S. District Court Judge Colleen Kollar-Kotelly, admitting he helped launder at least $25 million.

Court documents indicate the social engineering enterprise began before October 2023 and continued through at least March 2025. 

It grew from friendships on online gaming platforms and included individuals in California, Connecticut, New York, Florida, and abroad.

Mehta acted as a money launderer for the group, which also included database hackers, organizers, target identifiers, callers, and residential burglars targeting hardware cryptocurrency wallets.

Fraudulently obtained over 4,100 bitcoin worth $263 million at the time

Court documents state that members of the enterprise stole cryptocurrency from victims across the U.S. using elaborate online schemes and spoofed phone numbers.

They then used the stolen cryptocurrency to buy nightclub services costing up to $500,000 per night, luxury handbags and clothing worth tens of thousands of dollars, and watches valued between $100,000 and $500,000.

They also bought rental homes in Los Angeles, the Hamptons, and Miami, private jet rentals, a team of security guards, and a fleet of at least 28 exotic cars valued from $100,000 to $3.8 million.

The original indictment alleges that on Aug. 18, 2024, Mehta’s co-conspirator Malone Lam and another associate contacted a victim in the District of Columbia and fraudulently obtained over 4,100 bitcoin—then worth $263 million and valued this week at more than $384.5 million.

Mehta charged a 10% to convert cryptocurrency to cash

Mehta first met the group in early 2024 through a money exchanger connected to the owner of a Los Angeles exotic car dealership. The money exchanger enlisted Mehta to convert cryptocurrency to cash in amounts of tens of thousands of dollars, and charged a 10% fee for each conversion.

In 2024, he created multiple shell companies to launder funds through bank accounts that appeared legitimate. 

To facilitate crypto-to-wire money laundering, Mehta received already-laundered cryptocurrency from the group and transferred it to associates, who further cleaned it using sophisticated blockchain techniques.

The stolen funds were funneled back to Mehta’s shell company accounts via wire transfers from other shell companies across the United States.

Unemployed young men used Mehta’s shell companies for exotic car purchases

When the conspiracy members requested cash, Mehta often delivered it personally. He also performed wire transfers for the group, sending stolen funds to an exotic car dealership, a private jet company, and real estate rental firms, earning a 10% fee.

In addition, Mehta used his shell companies to facilitate exotic car purchases for members of the criminal enterprise. 

The co-conspirators—mostly 18- to 20-year-olds, avoided holding Lamborghinis, Rolls-Royces, Porsches, Ferraris, and similar vehicles in their own names to prevent drawing attention to their unexplained wealth as unemployed young men.

Mehta titled the vehicles in the names of his shell companies to help disguise the true owners.

He also recruited straw signers to put their names on car titles and purchase documents, paying them over $10,000 per signing.

In turn, Mehta would typically charge a 10% fee for his services.

Preventing cryptocurrency investment fraud schemes

The FBI, IRS-CI, and U.S. Attorney’s Office say they are committed to helping prevent Americans from falling victim to cryptocurrency investment fraud schemes.

If someone claiming to be a company “representative” asks for personal information or a verification code, hang up and call the company back using its official customer service number.

For more information about cryptocurrency investment fraud, visit the FBI’s website at https://www.fbi.gov/how-we-can-help-you/victim-services/national-crimes-and-victim-resources/cryptocurrency-investment-fraud