The FBI and authorities in Maryland are warning seniors about a scam known as the “gold bar scam” in which scammers pose as federal agents and convince victims to convert their assets into gold bars for safekeeping by the U.S. Department of Treasury. Seven victims have collectively lost $6.3 million in this con, with at least another dozen cases being investigated. The victims range in age from 61 to 94 years old, and are losing their life savings, homes, trust, and security. FBI Special Agent-in-Charge Bill DelBagno stressed the severity of the scam, which is happening across the United States and in Maryland.
Multiple criminal cases involving five defendants are pending in Maryland, with additional cases under investigation. Some of the stolen money came from cash pick-ups and cryptocurrency. One of the suspects, Vipul Thakkar, was caught attempting to steal over $1 million in gold bars from a 74-year-old man. The victim recognized the scam from news reports and contacted authorities. Ravinkle Mathon was also arrested for trying to steal $200,000 from an elderly man in his early 90s, with the help of friends who reported the suspicious activity to the police.
The Montgomery County State’s Attorney’s Office is advising residents to protect themselves by not answering calls from unknown numbers and avoiding clicking on pop-up ads. The investigation has uncovered links to India and China, with some calls targeting vulnerable people originating from call centers. Unfortunately, the chances of victims recovering their money are low, with none of the stolen money having been recovered so far. Some victims are at risk of losing their homes, and the prosecutor fears that there may be more victims who are hesitant to come forward after being scammed.
This scam is a serious threat to seniors who may fall prey to scammers posing as federal agents instructing them to convert their assets into gold bars for safekeeping. The victims range in age from 61 to 94 years old and have collectively lost $6.3 million in this con. The FBI and Maryland authorities are warning residents to be cautious, with several criminal cases pending and others under investigation. The victims are losing their life savings, homes, trust, and security, marking the severity of this scam.
Multiple arrests have been made in connection with the scam, including suspects caught attempting to steal large sums of money in gold bars from elderly victims. The victims recognized the scam and reported it to the authorities, preventing further theft of their life savings. The Montgomery County State’s Attorney’s Office is advising residents to protect themselves by avoiding unknown phone calls and clicking on pop-up ads. The investigation has revealed links to India and China, with some calls originating from call centers targeting vulnerable people.
The prosecutor stressed the difficulty of recovering stolen money and the risk of victims losing their homes as a result of this scam. Many victims may be hesitant to come forward after being scammed, but authorities are urging them to do so to prevent further losses. The severity of this scam underscores the importance of being vigilant and cautious when contacted by unknown individuals claiming to be federal agents. The investigation of this scam is ongoing, with the goal of bringing those responsible to justice and preventing further victimization of vulnerable seniors.
