DANBURY, Conn.— A 19-year-old from Connecticut has pleaded guilty to his role in a massive $245 million Bitcoin theft, a crime that set off a wave of violence and sparked an ongoing federal investigation into one of the largest crypto scams in U.S. history.
Veer Chetal of Danbury entered guilty pleas to fraud and money laundering conspiracy charges in November, though the case was only unsealed this week in a Washington, D.C. federal court. Prosecutors say Chetal was part of a trio who used a sophisticated online ruse to steal 4,100 Bitcoins from a victim last August.
According to federal documents, the aftermath of the theft quickly turned violent. Just one week after the heist, Chetal’s parents were kidnapped in broad daylight in Danbury in an apparent ransom scheme. Investigators believe the attackers wrongly assumed Chetal had access to a vast crypto fortune.
Lavish Spending, Then Chaos
The heist set off a spree of extravagant spending. Prosecutors say Chetal and his co-defendants lived lavishly, pouring millions into luxury cars, jewellery, rental mansions, and high-end nightlife. But the celebrations were short-lived.
In September, federal agents raided Chetal’s Brunswick, New Jersey apartment and his parents’ Danbury home. They found over $500,000 in cash, designer clothes, and luxury watches. Chetal also handed over $39 million in cryptocurrency to investigators, according to court filings.
The original theft, authorities say, was orchestrated using “social engineering” techniques. One of Chetal’s co-conspirators, Malone Lam, would send phishing alerts about suspicious activity on victims’ accounts. Then, Chetal and another man, Jeandiel Serrano, would impersonate representatives from companies like Google or Yahoo to trick victims into surrendering their credentials.
The $245 million operation wasn’t their only scheme. Prosecutors allege Chetal was involved in roughly 50 similar attacks between November 2023 and September 2024, raking in an additional $3 million.
Kidnapping Plot Unravels
But it was the violent fallout that brought national attention to the case. According to police, six men from Florida followed Chetal’s parents in Danbury and rammed their Lamborghini with another vehicle. The attackers forced the couple into a van, assaulted them, and tied them up.
The brazen daytime kidnapping was quickly foiled thanks to multiple eyewitnesses and a chance intervention from an off-duty FBI agent who happened to be driving by. A seventh man was later arrested in connection with the kidnapping. Authorities say he previously clashed with Chetal at a Miami nightclub.
The FBI believes the attackers were attempting to extort cryptocurrency from Chetal, assuming he still controlled a large portion of the stolen funds.
Facing Decades Behind Bars
Now cooperating with federal investigators, Chetal faces a potential prison sentence of 19 to 24 years, a fine ranging from $50,000 to $500,000, and restitution payments to the theft victim, which are still being determined.
His attorney, David Weinstein, declined to comment, citing the ongoing nature of the case.
Court documents reveal that Chetal, an Indian national who immigrated to the U.S. in 2010 at age four, may also face deportation as a result of the charges. He was a student at Rutgers University in New Jersey when the theft occurred but has since withdrawn.
In another twist, prosecutors say Chetal failed to disclose a $2 million crypto theft that took place in October 2024 after he had already agreed to cooperate with investigators. That omission led a judge to revoke his release and order pretrial detention.
Ripple Effects and a Cautionary Tale
The consequences have extended beyond Chetal himself. Authorities say his father lost his job at Morgan Stanley in the wake of the kidnapping and the revelation of his son’s criminal activity.
The Chetal case highlights a growing trend of cryptocurrency-related violence and ransom schemes. Federal agents warn that as crypto thefts become more lucrative, the lines between online scams and real-world danger continue to blur.
With over $260 million stolen across related crypto scams, prosecutors say their investigation is ongoing and Chetal, now a key witness, is likely to play a central role in the trials ahead.
