Texas Jury Convicts Man in $150 Million Elder Fraud Scheme
A federal jury in Austin, Texas, found an Indian national guilty on Monday for his involvement in a scam that defrauded elderly Americans of over $150 million in cash and gold.
Bhavesh Kumar Thakkar, 45, was convicted of two counts related to wire fraud and money laundering, as reported by the U.S. Attorney’s Office for the Western District of Texas. His conviction makes him the fourth defendant in this case. Thakkar was residing in the U.S. on a spousal visa and participated in the operation from at least September 2022 through September 2025.
The operation utilized call centers located in India, where scammers made calls, while Thakkar managed the financial aspects in the U.S. He was responsible for collecting cash and gold from victims and facilitating their movement. The stolen proceeds were sent to Los Angeles and New York before being laundered abroad.
Prosecutors indicated that Thakkar personally received some of these funds from couriers and was linked to over $150 million in fraudulent money extracted from seniors nationwide.
U.S. Attorney Justin R. Simmons emphasized that this conviction serves as a strong warning to criminals targeting Americans—both domestically and internationally:
Foreign individuals, whether in the U.S. or elsewhere, should not be allowed to exploit American citizens, particularly our most vulnerable. Many victims have lost a large part of their life savings to these fraudsters, leaving them feeling helpless and exposed. When we track these criminals down, we will do everything in our power to reclaim the sense of safety and freedom they have taken from their victims.
Court documents outline the methodology of the scam. The fraudsters identified their victims online, often by flagging a fictitious fraudulent charge on a credit card or bank account. Then, a caller, impersonating an official from the Treasury Department or another government entity, would notify the victim that cash or gold needed to be surrendered to resolve an investigation. A courier would come to collect the items, either at the victim’s home or a parking lot.
The victims were often just regular seniors. One man in Granite Shoals was led to believe his identity had been compromised and linked to drug trafficking, resulting in three separate withdrawals totaling $180,000. Another elderly woman in Fort Worth, after being told her Social Security number was associated with money laundering, gave $30,000 to a courier.
Two of Thakkar’s co-defendants have already received their sentences. Dhruv Rajeshbhai Mangukiya was sentenced to 97 months in prison, while Kishan Rajeshkumar Patel received 63 months. A fourth individual, Rakesh Barot, has pleaded guilty to conspiracy to commit money laundering and is awaiting sentencing. Thakkar’s sentencing is yet to occur.
The Justice Department is intensifying its efforts to crack down on foreign nationals committing crimes within the United States. Earlier this week, the DOJ initiated proceedings to revoke citizenship from a number of naturalized Americans convicted of crimes, including financial fraud.
