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A man from Connecticut has admitted to helping steal thousands of Bitcoin in a scheme that targeted crypto holders with fake tech support calls. According to a report from ABC News, the case centers around a $243 million theft, one of the largest Bitcoin-related scams reported in the United States.
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Veer Chetal, along with Malone Lam and Jeandiel Serrano, allegedly ran a coordinated social engineering scam last August. Their plan involved sending fake security alerts to victims, warning of suspicious activity in their crypto accounts. Once the alert created urgency, Chetal and Serrano would follow up with phone calls posing as employees from well-known tech companies like Google or Yahoo. These calls were designed to trick victims into giving up sensitive login information.
Authorities say the trio managed to gain access to a Washington, D.C. victim’s account and drain 4,100 Bitcoin, worth around $243 million at the time. After pulling off the theft, the group reportedly spent millions on luxury items including expensive cars, jewelry, private rental homes, and high-end parties.
However, the events took a dark turn shortly after. Just one week after the Bitcoin was stolen, Chetal’s parents were kidnapped in a failed ransom attempt. Those behind the abduction believed Chetal had access to large crypto holdings and tried to extort him. Their plan backfired when eyewitnesses alerted the police and an off-duty FBI agent happened to be nearby during the kidnapping.
Court records that have now been unsealed also tie Chetal to a broader pattern of activity. Prosecutors say he played a role in at least 50 similar scams that ran from late 2023 through September 2024, stealing around $3 million from various victims.
Chetal has now agreed to cooperate with the investigation and testify against Lam and Serrano. He faces up to 24 years in prison, fines between $50,000 and $500,000, and must repay victims through restitution.