A man in the United States pleaded guilty to assisting in Money Laundering of $263 million in encrypted assets and had previously purchased 28 luxury cars for a gang.

PANews, November 19 news, according to the announcement from the U.S. Department of Justice, California man Kunal Mehta admitted to participating in a crypto assets fraud ring and pleaded guilty to violating the RICO Act, assisting in Money Laundering of at least $25 million. The group used social engineering methods to steal crypto assets worth $263 million (currently estimated at $385 million) across the United States, lavishly spending on luxury items such as luxury cars, nightclubs, watches, bags, and private jets. Mehta utilized shell companies to purchase and hold luxury cars like LAMB and Rolls Royce for the gang, concealing the true identification of his underage accomplices.