Maryland Gold bar scam: seniors swindled, millions stolen, FBI sounds alarm
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.
ROCKVILLE, Md. - In collaboration with the FBI, 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.
"The reality is, once you’re a victim of one of these scams, the chances of getting your money back are not high," said Montgomery County State's Attorney John McCarthy.
Montgomery County Police Detective Sean Petty revealed that, as of Aug. 9, investigators have identified seven victims who collectively lost $6.3 million in gold bars.
The list of suspects continues to grow, with several arrests already made.
'Gold bar scam': Authorities warn of new con costing elderly victims millions
Investigators in Montgomery County say criminals have conned elderly victims out of millions of dollars by convincing them to convert their cash into gold bars.
Among those arrested is 52-year-old Vipul Thakkar of Baltimore County, who was caught in a sting operation while allegedly attempting to steal over a million dollars in gold bars from a 74-year-old Bethesda man.
The victim, who had made nine trips to a local gold store to convert his cash into gold, contacted authorities after recognizing the scam from news reports.
In another case, Ravinkle Mathon was arrested for attempting to steal $200,000 from an elderly Maryland man in his early 90s. The man’s concerned friends alerted police, preventing the theft of his life savings.
FBI Special Agent-in-Charge Bill DelBagno emphasized the severity of the situation, stating, "People are losing their life savings, their homes, their trust, their security. Unfortunately, it’s happening across the United States, and it’s happening here in Maryland."
The scam typically begins with pop-up ads or phone calls, where suspects pose as federal agents and instruct victims to convert their assets into gold bars for "safekeeping" by the U.S. Department of Treasury.
The Montgomery County State's Attorney's Office is advising residents to protect themselves by not answering calls from unknown numbers and avoiding clicks on pop-up ads when using their computers.