Law enforcement partners in Montgomery County have released a fresh alert regarding a “Gold Bar” fraud that preys on people’s life savings.
State’s Attorney John McCarthy stated at a press conference on Monday that the massive scam with ties to China and India first appeared in Montgomery County around a year ago, resulting in at least seven victims and five arrests.
How the scam operates?
To trick a victim—usually a senior—persons posing as federal authorities will make cold calls or employ computer pop-up advertisements.
After persuading the victim to exchange their cash for gold bars and meet with a federal agent to give it over for “safekeeping” at the U.S. Department of Treasury, the criminal proceeds.
“This is organized crime at the highest level,” McCarthy stated.
FBI Special Agent in Charge Bill DelBagno said that law enforcement and government officials will never call you and threaten you with an arrest, fines, or a demand for gold or cash to protect your funds.
“People are losing their life savings, their homes, their trust, their security,” DelBagno stated.
Five in Montgomery County are accused
Five people have been charged in relation to the seven victims, whose ages range from 61 to 94. Detective Sean Petty of the Montgomery County Police Department estimates that the total amount of gold bars stolen is around $6.3 million.
McCarthy said there may be further charges pending against the five persons who are presently being investigated in relation to four of the victims.
“We believe the total number of victims in our county alone is now close to 20 with millions more lost,” McCarthy stated.
A judge determined that the accused in three different cases posed a flight risk, so they are being held without bond. Most likely, money won’t be retrieved. Money, according to investigators, is unlikely to be found again.
“We can make the arrest, but if we can prevent an individual from losing any amount of money from a cash pick up, from a cryptocurrency scam, or from these gold bars, we would greatly appreciate it,” Petty stated.
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The process of finding the alleged scammers is progressing.
Hang up and report the matter immediately to your bank and the local law enforcement agency if you think you might be in contact with a scammer.
