The FBI and authorities in Maryland are calling on seniors to be vigilant for scammers who have swindled millions of dollars from people in what's being described at the “gold bar scam.'
The FBI and authorities in Maryland are warning seniors to be on the lookout for scammers who have swindled millions of dollars from people in what's being described as the 'gold bar scam.' The scam typically begins with pop-up ads or phone calls, where suspects pose as federal agents and instruct victims to convert their assets into gold bars for 'safekeeping' by the U.S. Department of Treasury, Fox 5 DC reports. Seven victims have collectively lost $6.
Unfortunately, it’s happening across the United States, and it’s happening here in Maryland,' he said. The Montgomery County State’s Attorney’s Office says that four criminal cases involving five defendants are now pending in the state, but there are additional cases under investigation. Some of the money stolen came from cash pick-ups and cryptocurrency.
The victim had made nine trips to a local gold store to convert his cash into gold. He contacted authorities after recognizing the scam from news reports. In another case, Ravinkle Mathon was arrested for attempting to steal $200,000 from an elderly Maryland man in his early 90s. The man’s concerned friends tipped off police, preventing the theft of his life savings.
McCarthy said that the investigation has links to India and China, with some of the calls targeting vulnerable people originating from call centers. 'Once you’re a victim of one of these scams, the chances of getting your money back is not high,' McCarty said, adding that none of the money stolen thus far has been recovered. 'Some are potentially losing their homes.
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