TechFlow news, November 19 — According to Decrypt, the U.S. Department of Justice announced on Tuesday that Kunal Mehta, a 45-year-old California resident nicknamed "Shrek," has admitted involvement in a cryptocurrency theft case involving $263 million. Mehta pleaded guilty to violating the Racketeer Influenced and Corrupt Organizations Act (RICO) and to aiding in the laundering of at least $25 million.
The Department of Justice revealed that Mehta is the eighth member to plead guilty from a 13-person cybercrime group that began operating in October 2023, stealing cryptocurrency from victims across the United States through social engineering and hacking.
Prosecutors stated that Mehta served as a "money launderer" within the group, providing cryptocurrency-to-cash laundering services and once delivering a suitcase containing approximately $500,000 in cash to an accomplice. The stolen funds were used to purchase nightclub expenses, luxury vehicles, watches, jewelry, designer handbags, and rental properties in Los Angeles and Miami.
Assets seized in the case include 28 luxury vehicles: seven Lamborghinis, three Ferraris, one Rolls-Royce, and one McLaren.
