The FBI and Maryland authorities are warning seniors to be on the lookout for scammers who are scamming people out of millions of dollars in a so-called “gold bullion scam.”
The scam typically begins with a pop-up ad or phone call in which the suspect poses as a federal agent and instructs the victim to convert their assets into gold bars and “safe” them with the U.S. Treasury. Fox 5DC I will report.
Seven victims lost a combined $6.3 million in the scam, and investigators are investigating at least 12 more cases. The victims range in age from 61 to 94.
“People are losing their retirement savings, their homes, their confidence, their security,” FBI Special Agent in Charge Bill DelVaño said at a press conference Monday.
Gold bars hidden in Democratic senator’s home recovered after 2013 burglary
Montgomery County Attorney John McCarthy speaks at a press conference. (Montgomery County Attorney’s Office John McCarthy via Facebook)
“Unfortunately, this is happening across the country and it’s happening here in Maryland,” he said.
The Montgomery County State’s Attorney’s Office said there are currently four criminal cases pending in the state involving the five defendants, with more cases under investigation. Some of the stolen money was in the form of cash withdrawals and cryptocurrency.
Among those arrested was Baltimore County resident Vipul Thakkar (52), who was arrested in a sting operation on suspicion of attempting to steal gold bars worth $1 million from a 74-year-old man, according to the media.
Democratic Sen. Bob Menendez guilty on all charges in federal corruption trial
Stacks of 40 troy ounce bars of high purity gold are seen in a small section of the vault inside the U.S. Mint in West Point, New York. (Daniel Barry/Bloomberg via Getty Images)
The victim had made nine trips to a local gold store to convert his cash into gold, after he discovered the scam through news reports and contacted authorities.
In another case, Lavincle Masson was arrested for allegedly trying to steal $200,000 from an elderly Maryland man in his early 90s after concerned friends called police and prevented the theft of the man’s life savings.
The Montgomery County State’s Attorney’s Office is urging residents to protect themselves by not answering calls from unknown numbers and not clicking on pop-up ads when using their computers.
“The reality is, if you become a victim of these scams, your chances of getting your money back are not high,” Montgomery County State’s Attorney John McCarthy said.
Click here to get the FOX News app
A Montgomery County Police Department vehicle on display. (Montgomery County Police Department)
McCarthy said the investigation had links to India and China, and that some of the calls were made from call centres and targeted vulnerable people.
“If you fall victim to one of these scams, the chances of getting your money back are not high,” McCarty said, adding that none of the stolen money has been recovered so far.
“Some [people] You could lose your home.”
He said he fears there could be more victims because some victims of fraud are afraid to come forward. He pleaded with those victims to come forward.
