California crypto mogul 'The Godfather' pleads guilty in bold kidnapping plot over $245M bitcoin heist
LOS ANGELES - A California cryptocurrency mogul who dubbed himself "The Godfather" has pleaded guilty to orchestrating the violent, broad-daylight kidnapping of a Connecticut couple.
The high-profile abduction was a targeted attempt to seize a portion of a massive $245 million Bitcoin fortune stolen by the couple's son, according to the U.S. Attorney's Office, District of Connecticut.
What we know:
Adam Iza, 25, pleaded guilty on Monday to conspiracy to interfere with commerce by robbery, officials said.
The case stems from an August 25, 2024, incident where Sushil and Radhika Chetal were rear-ended in their Lamborghini SUV near Danbury High School in Connecticut.
A group of men forced the couple into a white van, beat Sushil with a baseball bat, and dragged Radhika by her hair before binding them with duct tape, according to court documents.
Passersby, including an off-duty FBI agent, witnessed the attack and alerted police. Following a vehicle chase and crash, law enforcement arrested six Florida men hired by Iza to carry out the operation. All six have since pleaded guilty.
The target of the extortion was the couple’s son, Veer Chetal, who pleaded guilty in November 2025 to a sophisticated online scheme.
Along with two accomplices, Chetal impersonated Google and crypto exchange technical support to steal 4,100 Bitcoins—worth $245 million at the time—from a Washington, D.C., resident.
The backstory:
Prior to this plot, Iza lived in a Bel Air mansion operating a crypto company named Zort, where he illegally acquired tens of millions of dollars.
He spent his wealth on luxury cars, shell companies, and cosmetic leg-lengthening surgery.
He also paid a private security firm $100,000 a month to utilize off-duty Los Angeles County sheriff's deputies to intimidate, extort, and falsely arrest his business and personal rivals. In January, Iza pleaded guilty in California to wire fraud, tax evasion, and conspiracy against rights.
What we don't know:
It remains unclear exactly how Iza and his co-conspirators initially discovered that Veer Chetal was behind the $245 million Bitcoin heist.
While court documents note that co-conspirator James Schwab ordered an acquaintance to rob Chetal at a Miami rental home prior to the kidnapping, authorities have not confirmed whether that specific robbery ever took place.
Timeline:
- August 2021: Iza begins paying $100,000 monthly to a security firm employing off-duty Los Angeles County sheriff’s deputies to act as personal enforcers.
- Summer 2024: Veer Chetal gets into a dispute with Iza’s associate, James Schwab, at a Miami nightclub. Weeks later, Chetal and two others execute a $245 million Bitcoin theft.
- August 25, 2024: Hired operatives surveil and violently abduct Chetal’s parents in Connecticut. Local police intercept the van and rescue the couple.
- September 2024: Federal authorities charge Iza in California for extortion and corruption schemes.
- November 2025: Veer Chetal pleads guilty to his role in the $245 million cryptocurrency theft.
- January 2026: Iza pleads guilty to California federal charges, including wire fraud and tax evasion, admitting to a separate $37 million fraud against Meta Platforms.
- June 2026: Iza enters a guilty plea in federal court for the Connecticut kidnapping conspiracy.
What's next:
Iza remains in federal custody as he awaits formal sentencing hearings for both his California financial crimes and his role in the Connecticut kidnapping conspiracy.
Veer Chetal and four of the Florida men involved in the physical abduction are also awaiting their respective sentencing dates.
The two remaining co-defendants from the abduction team have already been sentenced to 11 years in prison.
Several Los Angeles County sheriff's deputies implicated in Iza's extortion ring face ongoing criminal prosecution.
The Source: This report is compiled directly from federal court documents, FBI affidavits, and local law enforcement records detailing the multi-state investigation as provided by the U.S. Attorney's Office, District of Connecticut. The Associated Press contributed.