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Gold grifters: The people behind a massive new scam operation
Yash Shah never thought he’d end up in jail. By his own account, he was just a “normal person” trying to make ends meet. Pick up a package, drop it off. Easy money.
But that “easy money” landed him in a detention center, facing charges for his alleged role in one of the fastest-growing criminal operations in America, which racked up $126 million in losses last year alone. I’m talking about gold bar scams.
How it works
Like most high-dollar fraud operations, the gold grifter scam preys on fear and urgency.
- The setup: It starts with a phony tech support inquiry, pop-up warning or government agent. Victims (often older adults) are told their money is at risk.
- The manipulation: The scammer insists that traditional banking systems are compromised. To keep their money “safe,” victims must convert their savings into gold bars.
- The transfer: Once the gold is purchased, victims are told to hand it off to a “government agent” or a “bank representative” for “protection.” That agent? A courier like Yash Shah.
This isn’t some back-alley con
It’s a global crime ring with layers of players keeping the operation running. Call centers in India are the first line, with scammers posing as government agents.
Then come the couriers, like Yash Shah, hired to pick up and transport stolen wealth for a quick payday. And the real ringleaders? Sitting overseas (again, mostly in India), untouchable and raking in millions.
Fighting back
After losing $80,000 to this playbook, Vietnam veteran Kris Owen teamed up with Indiana police for payback — staging a sting operation with fake cash, a wired-up car drop and a front-row seat for law enforcement.
After identifying the suspect as Abdul Mohammed, the police hauled him in for questioning. Facing federal charges for wire fraud, Mohammed fled the country. The feds may be cracking down on couriers, but the overseas kingpins remain hard to pin down (pun intended).
Recognizing red flags
Scammers are predictable, and you can spot them with telltale signs.
🚩No real government agency will ever tell you to turn your life savings into gold bars for “safekeeping.”
🚩Pop-ups about security breaches? Fake. A “federal agent” demanding you move your money ASAP? Also fake.
🚩If someone pressures you to act fast and keep it quiet, don’t walk. Run!
What to do if you’re targeted
If a sketchy pop-up or call sets off your scam radar, don’t engage. Shut it down and call a trusted friend, family member or the police. Scammers win by keeping you isolated, so loop in someone else who’s outside the situation before making big-money moves.
Scammers are getting smarter, slicker and harder to track. The best defense? Know their tricks before they know you. Share this with someone who needs a heads-up, and if you’ve been targeted, report it. Speaking up might just save someone else from losing everything.
Tags: family, money, security, tech, warning
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