DA warns about gold theft scheme

Tarrant County District Attorney Phil Sorrells is warning older adults about an international gold theft scheme that is stripping seniors of their life savings.

“Don’t fall for this scam,” he said. “People have lost everything. Don’t be the next victim.”

Sorrells urges anyone who has been contacted or targeted to report it to law enforcement officers immediately.

In recent months, law enforcement seized more than $130 million in gold linked to this criminal network. Nearly two dozen people have been indicted, from couriers who collect gold or cash from elderly victims to jewelry store owners who melt down stolen gold and convert it into bangles that are smuggled to India.

The scheme typically begins in overseas call centers, primarily in India. Scammers contact older adults in Tarrant County and across the United States, falsely claiming the victim’s bank account, Social Security number or personal information has been compromised.

They then instruct victims to withdraw most or all of their money – even coaching them on what to tell bank employees or family members to avoid raising suspicion.

Victims are then told to purchase gold bars, buy bitcoin or simply withdraw most of their money. Couriers posing as federal agents arrive in person to collect the gold, cryptocurrency or cash, promising to keep it safe.

Once handed over, the money is gone.

Some of the stolen gold is funneled to jewelry stores or refineries, melted down and sold or converted into jewelry that is shipped overseas or sold for profit. One victim lost $2 million.

Sorrells warns:

• Never provide financial information over the phone.

• Law enforcement will never ask for gold, cash or cryptocurrency.

• If you receive a suspicious call, hang up and contact your bank directly.

“Criminals are targeting our seniors with precision and cruelty," Sorrells said. “If you receive a call claiming your accounts are compromised, it is a lie. Do not withdraw money. Do not hand anything over.”

To help maintain a complete list of complaints, the district attorney asks anyone who already has been a victim of this scheme to contact the Collin County Sheriff’s Office Cyber Crimes Unit at CCSOScam@collincountytx.gov or call the non-emergency line at 972-547-5350 to file a report.