An organized gold bar scam targeting elderly residents across Texas has led to the arrest of six individuals. The scam, which defrauded victims of approximately $2.8 million, involved persuading individuals to purchase gold coins under false pretenses. The investigation, led by the Friendswood Police Department, uncovered a network of fraudulent activity and recovered stolen assets. Authorities are urging residents to remain vigilant against similar scams.
Authorities have apprehended six individuals linked to an organized gold bar scam that reportedly swindled at least six elderly victims across the state of Texas, resulting in approximately $2.8 million in losses. The investigation, spearheaded by the Friendswood Police Department, began in December 2025 following a report from an 81-year-old Friendswood resident.
The victim had been persuaded to convert $766,000 into 177 one-ounce Canadian Gold Maple Leaf coins under the guise of protecting their assets from compromised financial accounts. A scammer, posing as a federal employee, had contacted the victim and instructed them to purchase gold as a safeguard. This case highlights the vulnerability of elderly individuals to sophisticated fraud schemes and the lengths to which criminals will go to exploit them. Subsequent investigation revealed a similar pattern of deception, targeting other elderly residents and underlining the organized nature of the operation.\The investigation quickly expanded as detectives uncovered the extent of the fraudulent activities. The Friendswood Police Department, along with other agencies, executed search warrants at various locations, including a residence in Richmond and a restaurant in Houston. During the search of the Richmond residence, law enforcement officers successfully recovered 157 of the 177 gold coins stolen from the initial victim. Alongside the recovery of the stolen gold, investigators also seized additional evidence, suggesting a broader, more intricate fraud operation. As a result of the investigation, multiple arrests were made, including Smitaben Thakor, Samirali Ghabrani, Mudassir Iqbal Lakhani, Iqbal Ibrahim Lakhani, Zohaib Muhammad, and Samir Ali. These individuals face charges ranging from theft from an elderly person to engaging in organized criminal activity, reflecting the serious nature of their alleged involvement. The coordinated efforts of local law enforcement agencies, prosecutors, and the FBI were crucial in bringing the perpetrators to justice.\Following the arrests and search warrants, authorities have identified additional victims in multiple cities across Texas, including Humble, Cypress, Cleburne, and New Braunfels. These victims collectively lost an estimated $1.9 million to the scam. The Friendswood Police Department emphasized the importance of community vigilance, urging residents to remain cautious and report any suspected fraudulent activity to local law enforcement. The investigation is ongoing and authorities believe that the fraudulent scheme may extend beyond the borders of the United States. Police Chief Josh Rogers commended the quick and precise actions of the Friendswood Police Department, highlighting their commitment to protecting the community, particularly vulnerable elderly residents who are often targets of criminal activities. The charges against the suspects include first-degree felony theft with an enhancement for engaging in organized criminal activity, as stated by the Galveston County District Attorney’s Office. Bail amounts for the suspects vary, with some held on $1 million bonds and others on $5 million bonds, reflecting the severity of the alleged crimes and the potential flight risk
Gold Scam Elderly Fraud Texas Crime Arrests Theft Organized Crime
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Six arrested in $2.8M Texas 'gold bar' scam targeting elderly victimsSix individuals were arrested in connection with an organized 'gold bar' scam that defrauded elderly Texans of approximately $2.8 million by posing as federal agents.
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