Veer Chetal is one of three individuals charged with stealing 4,100 Bitcoins in August 2024. At the time, the Bitcoin swag was worth around $245 million, as reported by AP News. Today, those same coins could be traded for nearly $440 million. However, this is more than a simple tale of BTC theft. After enjoying a brief high-roller lifestyle, Chetal’s life would be put into a tailspin by assault, kidnapping, federal agents, and now punishment, which could entail 24 years behind bars, or even deportation.
19-year-old Chetal has now pleaded guilty to fraud and money laundering charges and has agreed to testify against his co-defendants. He was apprehended with more than $500,000 in cash, an abundance of luxury goods, and turned over “$39 million worth of cryptocurrency” to investigators. After agreeing to cooperate with federal authorities, it was found that Chetal had “about 50 similar thefts that raked in another $3 million” to his name. So, the 4,100 Bitcoins weren’t swiped as part of a one-off crime.
This story of crimes and misdemeanors is quite complicated. It might be best to lay it out chronologically.
The 4,100 bitcoins
Chetal and his two associates stole 4,100 Bitcoins from a victim in Washington, D.C. The criminal team used ‘social engineering’ tactics against potential victims. One member of the team might send a security alert to a victim, followed by one or two others posing as representatives from well-known companies like Google or Yahoo.
After the success of their BTC heist, Chetal and his associates lived the high life “spending millions of dollars on cars, jewelry, rental mansions and nightclub parties,” according to the source. Soon, the exuberance would make way to something else...
Assault and kidnapping
A week after the theft took place, Chetal’s parents fell victim to an assault and an attempted kidnapping. The AP report says that this aggressive criminal act was perpetrated by “six Florida men.” Their actions sound rather unhinged. In broad daylight, the Floridians rammed Chetal’s parents’ Lamborghini. The parents were then beaten and tied up, and bundled into the back of a van. Thankfully, for their ultimate safety, there were numerous eyewitnesses and even an off-duty FBI agent near the crash scene to witness what happened. Thus, the parents were quickly found, released, and the attackers arrested.
It isn’t clear whether this kidnapping was sparked by the victim of the 4,100 bitcoin theft hiring some heavies. Also in the report, it mentions that Chetal had a physical dispute with someone associated with the Floridians in a Miami nightclub...
Investigations
Moving into September, federal agents execute search warrants on both Chetal's and his parents’ residences. This is when Chetal’s hoard of $500,000 cash and $39 million worth of cryptocurrency was discovered.
Investigators also alleged that, from November 2023 to September 2024, Chetal “was involved in about 50 similar thefts that raked in another $3 million.” So, the $ 4,100 BTC haul in August 2024 must have felt like an incredible jackpot, worth approximately $245 million at the time.
Crime leads to hard time, or deportation?
In November 2024, Chetal pleaded guilty to a range of fraud and money laundering conspiracy charges. Now the payback must begin.
Chetal faces serious consequences for his crimes, which will likely result in a prison sentence of 19 to 24 years, a fine of between $50,000 and $500,000, and unspecified restitution to the victim. Moreover, as an India-born citizen who moved to the U.S. at the age of four, AP News says that Chetal could even be deported.
Meanwhile, Chetal’s father has lost his job at Morgan Stanley, apparently due to his son’s nefarious activity. It isn’t clear how much the father was aware of his son’s life of crime as he was cruising in his Lambo.
We expect the above true-crime story to be made into a miniseries in due course, coming to a streaming platform near you.
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