Organizer of Bitcoin Kidnapping Plot Pleads Guilty, Faces Up to 20 Years in Prison

One of the key figures behind a 2024 bitcoin related kidnapping and carjacking scheme has pleaded guilty in federal court and could face up to 20 years in prison. Saif Faiq admitted to conspiracy to interfere with commerce by robbery and is scheduled to be sentenced on August 28.

According to prosecutors, Faiq and his brother, Adam Iza, organized a plan targeting the parents of a crypto millionaire as part of an extortion scheme. Investigators said the brothers recruited six men from Florida, arranged their travel and helped coordinate surveillance before the attack.

Daylight Carjacking Targeted Crypto Millionaire’s Parents

The incident took place in Danbury, Connecticut, where the suspects allegedly targeted Sushil and Radhika Chetal. Authorities said the group used a van to surround the victims’ Lamborghini Urus after a staged collision. The couple was reportedly pulled from the vehicle, assaulted and briefly detained.

Case Linked to Major Bitcoin Theft

The victims are the parents of Veer Chetal, who previously pleaded guilty in connection with a social engineering scheme that stole approximately 4,100 bitcoins. Prosecutors allege that knowledge of the stolen cryptocurrency and related wealth helped motivate the kidnapping plot.

Adam Iza also pleaded guilty earlier this month, while the remaining participants have already admitted to kidnapping and carjacking-related offenses.