Saif Faiq pleads guilty in bitcoin kidnapping and extortion case, faces up to 20 years in prison

The U.S. Department of Justice stated that Saif Faiq has pleaded guilty to conspiracy charges related to a Bitcoin kidnapping and extortion case, facing up to 20 years in prison, with sentencing set for August 28. In 2024, Faiq and his brother Adam Iza plotted to kidnap the parents of crypto millionaire Veer Chetal, Sushil and Radhika Chetal, and recruited six Florida men to carry out the operation in Connecticut, during which they hijacked a Lamborghini Urus and briefly detained the victims. Veer Chetal had previously pleaded guilty to stealing approximately 4,100 Bitcoins. Faiq and his brother admitted to conspiring to interfere with commerce by robbery.