A violent kidnapping attempt on a tree-lined Connecticut street during summer 2024 has unraveled into a complex case involving a massive cryptocurrency theft and a California man who dubbed himself a crypto ‘Godfather.’
The shocking incident occurred when attackers forced a couple out of their Lamborghini SUV in broad daylight, assaulted them, and dragged them into a van. Multiple bystanders witnessed the attack, including an off-duty FBI agent who was driving by, prompting immediate police calls.
What investigators discovered next was extraordinary.
The violent kidnapping was connected to a $245 million Bitcoin theft that had occurred the previous month, targeting the victims’ son. This week, a 25-year-old California cryptocurrency executive who law enforcement says went by ‘The Godfather’ confessed to planning the kidnapping in an attempt to obtain part of the son’s stolen digital fortune.
Adam Iza entered a guilty plea Monday to conspiracy to interfere with commerce by robbery. Federal prosecutors are requesting a minimum 14-year prison sentence when he appears for sentencing.
Iza’s attorney, William Paetzold, did not return Tuesday phone calls and emails requesting comment.
This case represents part of a growing global pattern where cryptocurrency crimes escalate into physical violence.
According to an FBI affidavit, one month prior to the kidnapping attempt, one of Iza’s alleged partners had a confrontation with the couple’s son, Veer Chetal, at a Miami nightclub. The man, James Schwab, subsequently instructed an associate to rob Chetal and his companions at their Miami rental property, authorities stated. Whether this robbery occurred remains unclear.
Schwab’s legal representatives did not respond to phone messages requesting comment.
The Bitcoin theft followed shortly after. Several weeks following the nightclub altercation, Chetal and two additional men developed a sophisticated online fraud scheme where they posed as technical support representatives for Google and a cryptocurrency platform. They successfully stole 4,100 Bitcoins — valued at approximately $245 million during that period — from a Washington, D.C., resident, according to legal filings.
Following the theft, the three men spent extravagantly, purchasing millions of dollars worth of vehicles, designer clothes, expensive jewelry, luxury rental properties, and financing nightclub celebrations before their arrests, prosecutors stated. Chetal entered a guilty plea last November and is awaiting sentencing, while his two co-defendants have entered not guilty pleas.
Meanwhile, Iza and Schwab developed a plan to kidnap Chetal’s parents as leverage to obtain portions of his stolen wealth, the FBI reported, based on information from informants. Schwab and Iza’s brother, Saif Faiq, also face charges related to the kidnapping plot and have entered not guilty pleas.
They enlisted six additional men for the Connecticut operation, covering their transportation and accommodation costs, authorities reported. One week following the Bitcoin theft, the group conducted surveillance on Chetal’s parents hours before executing the kidnapping, court records indicate.
Sushil and Radhika Chetal were traveling in the Lamborghini on Aug. 25, 2024, near Danbury High School when another vehicle struck them from behind. A white van then blocked the SUV’s path while several men encircled them, police reported.
The attackers dragged the Chetals from the SUV and forced them into their van, striking Sushil Chetal with a baseball bat and pulling Radhika Chetal by her hair. The couple were restrained with duct tape as the van departed, according to legal documents.
Following witness reports to police, officers quickly located the van and initiated a pursuit. The van ultimately crashed and four men exited and attempted to escape on foot but were captured shortly afterward. The remaining two men were later discovered at a residence the group had rented in a neighboring town. The Chetals received hospital treatment and were released.
The six men, all Florida residents, have entered guilty pleas in connection with the kidnapping. Two have received 11-year prison sentences while the others await sentencing.
Prior to Iza’s arrest in the Connecticut case, he was being investigated by federal authorities in California for extorting money and assets from victims in Los Angeles and other locations, court records indicate. He was charged in that case one month after the kidnapping and subsequently pleaded guilty.
Iza, who also used the name Ahmed Faiq, resided in a mansion in Los Angeles’ Bel Air neighborhood, adopting ‘The Godfather’ persona while operating a crypto trading business called Zort. While stealing millions of dollars and moving it through shell companies, Iza spent lavishly on luxury vehicles and other extravagances, including cosmetic surgery to lengthen his legs, prosecutors stated.
Starting in August 2021, Iza paid approximately $100,000 monthly for personal security services to a private firm established by a Los Angeles County sheriff’s deputy that also employed other deputies, prosecutors reported.
Iza, authorities stated, employed off-duty deputies as enforcers against individuals involved in personal and business conflicts. He utilized the deputies for extortion, intimidation, arranging false arrests, and manipulating legal processes, prosecutors reported.
The deputies accessed law enforcement databases to gather information about Iza’s adversaries and secured search warrants using false information, authorities stated. During one incident, two deputies held a victim at gunpoint inside Iza’s residence, coercing the victim to transfer $25,000 to Iza’s bank account, prosecutors reported.
When he entered his guilty plea in that case in January, Iza also confessed to stealing more than $37 million through fraudulent access to business manager accounts of Meta Platforms, owner of Facebook, and their credit lines from 2020 to 2022. He awaits sentencing after pleading guilty to wire fraud, conspiracy against rights and tax evasion.
His California attorney, Josef Sadat, declined to comment Tuesday.
Several deputies also face charges in the investigation.
