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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 $6.3 million in the con with investigators looking into at least another dozen more cases. The victims are aged from between 61 and 94 years of age.
"People are losing their life savings, their homes, their trust, their security," FBI Special Agent-in-Charge Bill DelBagno said at a press briefing on Monday.
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Montgomery County State's Attorney John McCarthy speaking at the press briefing (Montgomery County State Attorney's Office John McCarthy via Facebook)
"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.
Among those arrested was Vipul Thakkar, 52, of Baltimore County, who was caught in a sting operation while allegedly attempting to steal more than 1 million dollars in gold bars from a 74-year-old man, according to the outlet.
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Stacks of 40 Troy ounce high fine gold bars are seen in a subcompartment of the vault inside the United States Mint in West Point, New York. (Daniel Barry/Bloomberg via Getty Images)
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.
The Montgomery County State's Attorney's Office is advising residents to protect themselves by not answering calls from unknown numbers and avoiding clicks on pop-up ads when using their computers.
"The reality is, once you’re a victim of one of these scams, the chances of getting your money back are not high," said Montgomery County State's Attorney John McCarthy.
Montgomery County Police Department vehicle on display. (Montgomery County Police Department)
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 [people] are potentially losing their homes."
He said he fears there are potentially more victims as some victims are afraid to come forward after being scammed. He pleaded with those victims to come forward.
Michael Dorgan is a writer for Fox News Digital and Fox Business.
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