Scammers have defrauded over 200 elderly victims across Texas and the nation of more than $250 million in an alleged gold theft operation, according to authorities in Tarrant County who have secured more than 40 indictments tied to the fraud.
The scheme relied on deception at its core. Victims received urgent calls from individuals posing as bank officials who claimed their accounts or personal data had been compromised. Scammers then directed seniors to withdraw their savings and purchase gold bars, bitcoin, or prepare cash for pickup by people impersonating federal agents.
Stolen assets moved through an elaborate distribution network. Gold and cash were transferred through shell companies based in New Jersey before reaching a Florida refinery, where the gold was melted into jewelry destined for overseas sale. Proceeds were converted into cryptocurrency and transferred out of the country to obscure the financial trail.
One Texas victim lost more than $2 million in the scheme. During raids on jewelry stores in the region, investigators seized over $130 million in gold.
Muzamil Ahmed, 35, of New Jersey, was arrested at JFK airport while traveling to Saudi Arabia. He faces charges including organized criminal activity, elder financial abuse, and money laundering. He remains held in Tarrant County jail under bonds totaling $3.15 million as the investigation expands with additional arrests.
Authorities cautioned the public that law enforcement never requests gold, cash, or cryptocurrency from the public.
