Investigating Gold Bar Scams
Montgomery County Police are currently investigating four criminal cases involving gold bar scams. Residents, typically senior citizens, are convinced to invest all their money into gold bars and hand them over to individuals for safekeeping, only to never see their money or the gold again.
International Connections
State’s Attorney John McCarthy described these operations as “organized crime at the highest level,” noting that the issue reaches beyond Maryland and Montgomery County, with international ties to India and China. Arrests have been made in the US and India, particularly targeting individuals connected to call centers.
Financial Losses
Detective Sean Petty disclosed that five arrests have been made in connection to these crimes, with victims ranging in age from 61 to 94 years old. The largest reported loss was over $2.3 million, leaving victims financially devastated, some even facing potential foreclosure on their homes.
Warning Signs
FBI Special Agent William Debagno emphasized the scammers’ coercive tactics, urging individuals not to engage and to seek help if they suspect they have been scammed. He advised victims to contact their bank immediately and report the activity to law enforcement, providing the FBI’s contact information for assistance.
Preventative Measures
Officials at the news conference advised residents to avoid answering calls from unfamiliar numbers or clicking on pop-up ads, encouraging vigilance in safeguarding against potential scams.
By Kevin McManus
