The FBI and authorities in Maryland are cautioning seniors about a fraudulent scheme known as the 'gold bar scam,' which has resulted in millions of dollars being swindled from unsuspecting individuals.
The scam typically initiates through pop-up ads or phone calls, with scammers impersonating federal agents and persuading victims to convert their assets into gold bars for supposed 'safekeeping' by the U.S. Department of Treasury.
Reports indicate that seven victims, ranging in age from 61 to 94, have collectively lost $6.3 million to this con, with investigations ongoing into additional cases.
FBI Special Agent-in-Charge Bill DelBagno expressed concern over the devastating impact of the scam, emphasizing that victims are not only losing their financial resources but also their sense of security and trust.
Authorities have identified multiple criminal cases related to the scam in Maryland, with arrests made, including that of Vipul Thakkar, who was apprehended attempting to steal over $1 million in gold bars from a 74-year-old man.
Another individual, Ravinkle Mathon, was arrested for trying to defraud an elderly Maryland resident in his early 90s of $200,000, but vigilant friends intervened, preventing the loss of the victim's life savings.
The Montgomery County State's Attorney's Office is advising residents to safeguard themselves by avoiding unknown calls and refraining from clicking on suspicious pop-up ads while using electronic devices.
State's Attorney John McCarthy highlighted the international connections of the scam, with links to India and China, and emphasized the challenges victims face in recovering their stolen funds.
McCarthy urged all victims to come forward, expressing concern that some may be hesitant due to fear or embarrassment, potentially leading to more individuals falling prey to the scam.
The FBI and local authorities continue to investigate the 'gold bar scam' and are working to raise awareness to prevent further financial exploitation of vulnerable seniors.
