How was the gold bar scam conducted?

Scammers impersonated federal agents, convincing victims to convert their savings into gold bars, which were then collected by couriers.

How much money was stolen in the gold bar scam?

The operation defrauded over 600 victims and amassed nearly $50 million through various schemes including gold bar collection.

Who was targeted by the gold bar scam operators?

The scammers primarily targeted older Americans and individuals with retirement money, pensions, or investments.

Home / Crime and Justice / Gold Grifters Caught: $50M Scam Shut Down

Gold Grifters Caught: $50M Scam Shut Down

3 Feb

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Summary

Authorities shut down three Indian call centers involved in a gold bar scam.
The operation defrauded over 600 victims, amassing nearly $50 million.
Scammers posed as federal agents, convincing victims to convert savings into gold.

Gold Grifters Caught: $50M Scam Shut Down

A sophisticated gold bar scam, orchestrated through three Indian call centers, has been shut down by Maryland and federal authorities. This extensive operation resulted in the loss of nearly $50 million from over 600 victims nationwide.

The scheme preyed on consumers, predominantly older Americans, by impersonating federal agents. These scammers convinced victims to convert their retirement funds and life savings into gold bars. This was often facilitated by couriers who were dispatched to collect the gold directly from the victims.

Authorities announced the arrest of six alleged leaders of the operation. Additionally, ten couriers accused of collecting money from victims have been indicted in Maryland, with several already facing convictions. The method involved wire transfers, cryptocurrency, and the physical collection of gold bars.