Texas Gold Scam Drains Over $250,000,000 From Elderly Victims: Report

Scammers have taken more than $250 million from over 200 elderly victims across Texas and the nation in an alleged gold theft operation.

Authorities in Tarrant County have secured more than 40 indictments tied to the fraud, reports The Dallas Morning News.

Victims received urgent calls from people pretending to be bank officials who claimed accounts or personal data faced compromise.

Scammers directed seniors to withdraw savings and buy gold bars, bitcoin or prepare cash for pickup by individuals posing as federal agents.

Stolen gold and cash moved through shell companies based in New Jersey before reaching a Florida refinery for melting into jewelry destined overseas.

Proceeds converted into cryptocurrency and transferred out of the country to hide the trail.

One Texas victim lost more than $2 million in the scheme while investigators seized over $130 million in gold during raids on jewelry stores in the region.

Muzamil Ahmed, 35, of New Jersey faces charges including organized criminal activity, elder financial abuse and money laundering after his arrest at JFK airport en route to Saudi Arabia.

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