California Man Pleads Guilty in $385 Million Cryptocurrency Fraud Scheme

Kunal Mehta, a California resident, has pleaded guilty to charges related to a large-scale cryptocurrency fraud scheme. According to court filings, Mehta participated in the operation which allegedly defrauded victims of over $263 million before the value of assets was re-estimated at $385 million across the US. Authorities believe the stolen funds were used for extravagant purchases such as luxury vehicles like Lamborghinis and Rolls-Royces, and various high-end items. Mehta reportedly disguised his accomplices by using shell companies to hide their identities.