Over 200 US seniors defrauded in $250M gold scheme; over 40 arrested
More than 200 elderly victims across the U.S. were scammed out of an estimated $250 million through a fraudulent investment scheme involving gold, cash, and cryptocurrency. The operation began with deceptive phone calls warning seniors that their accounts had been compromised, prompting them to withdraw funds and hand over savings in exchange for 'safe' investments like physical gold or bitcoin. Couriers collected the assets from victims before transferring them via shell companies to a Florida refinery where gold was melted down into bangles for smuggling overseas. Tarrant County prosecutors have indicted more than 40 individuals, including key suspect Muzamil Ahmed of New Jersey who was arrested at JFK Airport while attempting to flee. He faces charges such as financial abuse of the elderly and money laundering. The scheme reportedly involved a network with call centers in India, couriers posing as federal agents, and jewelry businesses facilitating gold smelting. Authorities have conducted multiple raids on related businesses in Texas cities like Richardson, Irving, and Frisco since February 2026.
Topics: elderly fraud gold scheme money laundering organized crime