Authorities in Maryland and the FBI are issuing a warning to seniors about the “gold bar scam,” which has already cost victims millions of dollars.
The scam typically starts with fake pop-up ads or phone calls, where scammers pretend to be federal agents and convince victims to convert their assets into gold bars for safekeeping by the U.S. Department of Treasury, as reported by Fox 5 DC.
Senior Citizens as Primary Targets
Notably, the victims in these cases range from 61 to 94 years old, highlighting how scammers specifically target seniors who may be more vulnerable to these types of fraudulent schemes.
FBI Special Agent-in-Charge Bill DelBagno emphasized at a press conference the devastating impact of this scam, stating, “People are losing their life savings, their homes, their trust, their security.”
Recent Arrests and Investigations
Multiple criminal cases are now pending in Maryland, with some of the stolen money coming from cash pick-ups and even cryptocurrency transactions.
One arrest involved Vipul Thakkar attempting to steal over a million dollars in gold bars from a 74-year-old man in a sting operation. Additionally, another individual, Ravinkle Mathon, was apprehended while trying to steal $200,000 from an elderly man in his 90s.
Preventive Measures and Advice
The Montgomery County State’s Attorney’s Office is encouraging residents to avoid answering calls from unknown numbers and refrain from clicking on suspicious pop-up ads to protect themselves from falling victim to these scams.
John McCarthy, the Montgomery County State’s Attorney, highlighted the grim reality that victims of these scams often struggle to recover their lost funds. He advised, “The chances of getting your money back are not high once you’ve fallen for the scam.”
Global Scope of the Scam
Further investigation revealed connections to India and China, with some calls targeting vulnerable individuals originating from call centers in these countries. McCarthy expressed concerns that many victims might be hesitant to come forward after being scammed, urging them to seek help and report their experiences.
It’s crucial for authorities and communities to remain vigilant and offer support to prevent further financial harm to unsuspecting individuals, especially seniors, who are often prime targets for such elaborate scams.
