Scam Involving Gold Bars
A 74-year-old Bethesda, Maryland, man fell victim to a scam where he was scammed out of more than $1 million that he converted to gold bars and then handed over to fraudsters, according to Montgomery County police.
Arrest of Alleged Scammer
The alleged scammer, 52-year-old Vipul J. Thakkar, from Owings Mills, was arrested after picking up the final payment of gold bars from the victim’s home. Thakkar has been charged with multiple counts of attempted theft and is currently in custody without bond.
Initiation of Scam
The scam began in March when the victim received an email informing him of a suspicious deposit in his bank account. He was advised to convert his funds into gold bars for asset protection, leading to a series of transactions totaling over $1.1 million in gold bars.
Similar Scams in the Area
The victim became aware of the scam after seeing a news report about an 82-year-old woman in Montgomery County who was also scammed out of a significant amount of money through a similar scheme. This prompted the victim to contact the police.
Growing Trend of Scams
Authorities in Montgomery County have noted an increase in scams involving individuals, particularly older adults, being instructed to convert their bank funds into gold bars. This trend has resulted in millions of dollars being lost by victims in the county.
Challenges in Recovery
County officials emphasize the difficulty in retrieving the money for victims of these scams, as gold bars can be challenging to trace and recover once they have been obtained by fraudsters. The potential for the gold bars to be melted down or altered makes recovery efforts even more complex.
It’s crucial for individuals to remain vigilant and cautious when receiving unsolicited emails or requests for financial transactions, especially involving the conversion of assets into non-traditional forms like gold bars.
