A man who helped orchestrate a bitcoin-related kidnapping plot has pleaded guilty and now faces up to 20 years behind bars. The U.S. Department of Justice announced on June 9 that Saif Faiq entered the plea in federal court in Hartford, Connecticut, admitting to conspiracy to interfere with commerce by robbery. He has been in custody since his arrest on Nov. 12, 2025, and is scheduled to be sentenced on Aug. 28.
Court documents cited by prosecutors state that Faiq and his brother, Adam Iza, devised a plan in 2024 to abduct the parents of a crypto millionaire in an attempt to extort digital assets. Investigators said Faiq recruited six men from Florida, arranged their travel to Connecticut, and helped coordinate surveillance of the intended victims before the attack. The operation unfolded in Danbury, Connecticut, targeting Sushil and Radhika Chetal. Local reports said the attackers deliberately rear-ended the couple's Lamborghini Urus, then trapped their vehicle with a van in broad daylight. After forcing them out of the SUV, the assailants assaulted them with a baseball bat and briefly held them captive. The six men involved were charged separately and later pleaded guilty to kidnapping and carjacking.
Plot Tied to Major Bitcoin Theft
The victims were the parents of Veer Chetal, whom prosecutors identified as a participant in a large-scale cryptocurrency theft involving roughly 4,100 Bitcoin. Court records show Chetal used social-engineering tactics with two accomplices to steal the funds. He later flaunted the proceeds publicly, including at a Miami nightclub, where he encountered one of Faiq's alleged co-conspirators. Chetal pleaded guilty to charges connected to the bitcoin theft in November 2025 and awaits sentencing. Adam Iza also pleaded guilty to conspiracy to interfere with commerce by robbery on June 1, with both brothers admitting their roles in the kidnapping scheme.
Ongoing Crypto-Linked Kidnapping Cases
In a separate incident, French authorities are investigating another attempted kidnapping linked to crypto. In May, the wife of The Sandbox co-founder Sebastien Borget was targeted outside their home in Villenoy after a suspect posing as a delivery worker gained entry. The attempt failed after neighbors intervened, and attackers fled. Police later arrested two suspects, recovering a fake handgun, zip-tie restraints, and balaclavas, while four others remain at large.