“Organized crime at its highest level”: At least 5 people involved in gold bullion scam, Montgomery County officials say

Law enforcement authorities in Montgomery County, Maryland, are urging the public to be alert to an ongoing scam that has cost a growing number of seniors millions of dollars.

So far, at least five people have been arrested and charged in connection with these schemes, said John McCarthy, district attorney for Montgomery County.

Since July 2023, about 20 victims have come forward, and McCarthy believes there are more victims who may not even know they have been scammed.

“Make no mistake, this is organized crime at the highest level,” McCarthy said Monday at a press conference alongside officials from the FBI and the Department of Homeland Security.

He said the scams often originate from India or China: “The reality is that once you fall victim to one of these scams, the chances of getting your money back are not high.”

Prosecutors said the scams typically begin with a computer alert, pop-up ad or phone call. The scammers often pose as federal agents or technical support representatives and try to convince victims that their accounts have been compromised. Then the panicked victims are instructed to immediately convert their savings into gold and hand it over for safekeeping.

In July, a 74-year-old Bethesda man told police he was scammed out of more than $1 million he had exchanged for gold bullion. Montgomery County police said the alleged scammer, Vipul Thakkar, 52, of Owing Mills, was arrested on July 17 after he picked up the final gold bullion payment from the victim's home.

In recent weeks, a 19-year-old New York man was arrested after police say the suspect targeted an 82-year-old Montgomery County woman. Another suspect was arrested at O'Hare Airport while attempting to board a plane to Dublin, Ireland.

Detective Sean Petty of the Montgomery County Police Department's Financial Crimes Unit, who is leading the investigation, said victims are often hesitant to come forward out of shame.

“It's important for people to understand that they're wrong if they think they can't be a victim of this because they have a degree in psychology, science or astrophysics,” Petty said. “The individuals we've seen have all been intelligent people, they have degrees and very respectable jobs that they've retired from.”

He said the agency has issued a public notice to pawn shops in the area alerting them to signs that a senior citizen seeking to purchase gold bars could be a victim.

Citizens are urged to speak to elderly loved ones and warn them that they may be vulnerable to this type of scam. People are also advised not to pick up the phone if they do not recognise the number and never to click on pop-up advertisements.

If you think a call seems suspicious, police say you should hang up and call a friend or family member to discuss the matter.

Click here for more information from Montgomery County Police.

Internet fraud should also be reported to the FBI Internet Crime Complaint Center online or by phone at 1-800-CALL-FBI.

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