Saif Faiq’s Guilty Plea
Saif Faiq has accepted responsibility for his involvement in a federal conspiracy linked to a kidnapping plot centered around bitcoin, which could result in a maximum prison sentence of 20 years. The U.S. Department of Justice confirmed that Faiq entered his guilty plea on June 9 at a federal court in Hartford, Connecticut, where he acknowledged his participation in a conspiracy aimed at disrupting commerce through robbery. Following his arrest on November 12, 2025, Faiq has been held in custody, and his sentencing is set for August 28.
The Kidnapping Scheme
The case came to light through court records that indicate Faiq and his brother, Adam Iza, devised a kidnapping scheme in 2024 targeting the parents of a prominent cryptocurrency investor to extract financial gain in the form of digital assets. According to investigators, Faiq played a key role by enlisting a group of six men from Florida, organizing their travel arrangements to Connecticut, and facilitating the surveillance of the chosen targets.
The Attack
The conspiracy unfolded in Danbury, Connecticut, where the victims, Sushil and Radhika Chetal, were deliberately rear-ended in their Lamborghini Urus during the day. In a violent attack orchestrated by the group, the assailants surrounded the vehicle with a van, violently removed the couple from the SUV, and assaulted them with a baseball bat before holding them captive temporarily. All six participants in the criminal act faced separate charges and entered guilty pleas for offenses related to kidnapping and carjacking.
Connections to Cryptocurrency Theft
The Chetals are the parents of Veer Chetal, implicated in a significant heist involving approximately 4,100 Bitcoin. Reports have indicated that Veer and two cohorts utilized social engineering tactics to steal these assets. Following the theft, it was revealed he flaunted the stolen cryptocurrency in public venues, including a Miami nightclub, where he encountered one of Faiq’s alleged accomplices.
Federal records show that Veer Chetal, like his father and mother, also pleaded guilty to charges related to the bitcoin theft in November 2025 and is currently awaiting sentencing. Meanwhile, Adam Iza, who similarly confessed to his part in the kidnapping conspiracy, entered a guilty plea a week earlier on June 1.
Related Investigations
In a related context, French authorities are probing a separate kidnapping attempt associated with the cryptocurrency industry. Earlier this year, in May, the wife of Sebastien Borget, the co-founder and COO of The Sandbox, was almost abducted outside their home in Villenoy. The attempted kidnapping was thwarted when local residents intervened, leading to the swift arrest of two suspects who had a fake firearm, zip ties, and balaclavas in their possession, while four additional suspects remain at large.
