Arrest made in $2.3M gold bar scam targeting elderly women in Maryland

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Yash Shah, 26, of Baldwin, N.Y. Photo via Montgomery County Police Department

MONTGOMERY COUNTY, Md. - Another arrest has been made in connection to the infamous gold bar scheme defrauding seniors in Montgomery County.

Yash Shah, 26, of Baldwin, N.Y., is accused of defrauding an 88-year-old mother and her 61-year-old daughter of over $2.3 million in a sophisticated government imposter scam.

Authorities say this was the first case of its kind reported in the county. However, there have been several other incidents since.

In February 2023, an unknown caller contacted the victims, claiming to be someone from the Department of Justice.

They told the mother and daughter that their bank accounts had been used for criminal activities, including child pornography, human trafficking, and illegal gambling.

Then, the scammer instructed the women to safeguard their assets by converting them into cryptocurrency and gold bars.

Over five months, the victims complied, making several deliveries of gold bars valued at over $2.3 million.

Detectives in Montgomery County, working alongside law enforcement in New York, identified Shah as a courier who accepted a delivery of gold bars worth over $83,000. Authorities obtained a warrant for his arrest.

Shah was taken into custody in New York and is currently being held in Nassau County, awaiting extradition to Maryland.

FBI warns: gold bar scammers targeting seniors in Maryland, stealing millions

The FBI and authorities in Montgomery County issued a new warning Monday regarding a widespread gold bar scam targeting seniors across the region. The scam, which has resulted in millions of dollars being stolen, has prompted local and federal officials to urge residents, especially seniors, to remain vigilant, FOX 5's Bob Barnard reports.