NRI PULSE STAFF REPORT
Irving/Frisco, TX, January 30, 2025: Law enforcement officials executed coordinated raids Thursday at two jewelry stores in the Dallas-Fort Worth area as part of a year-long investigation into an alleged gold-fraud scheme that targeted elderly residents across Texas.
At approximately midday, dozens of officers from the Collin County Sheriff’s Office, joined by local, state and federal agents, entered Tilak Jewelers in Irving and Saima Jewelers in Frisco. Investigators seized millions of dollars in cash and gold as evidence in what authorities describe as a multi-million-dollar criminal enterprise.
According to authorities, the long-running investigation uncovered what law enforcement officials call a “gold bar scam” that defrauded elderly victims, many over the age of 65. Prosecutors allege that fraudsters sent emails to seniors falsely claiming their names were linked to serious crimes and warning that they could face arrest unless they complied with specific demands. Those demands included purchasing gold or liquidating assets and then turning them over to couriers.
Investigators say the couriers would deliver the fraudulently obtained gold to the jewelry stores, which then allegedly melted it down into items such as bracelets. Some of these finished pieces were sold to unwitting customers, while other materials were reportedly smuggled out of the country.
“You call Collin County and you go to defraud our citizens, we’re going to come get you — that’s just the bottom line,” said Sheriff Jim Skinner of the Collin County Sheriff’s Office.
During the raids, law enforcement arrested two people at Tilak Jewelers in Irving and one person at Saima Jewelers in Frisco. Investigators also confiscated significant quantities of cash and gold believed to be connected to the fraudulent activity. Items on display and in vaults were taken by authorities and are expected to be forfeited as part of the criminal proceedings.
A Brinks armored truck was brought to transport evidence, and officials hope the seized assets will help restore some losses to victims.
The investigation has revealed significant financial losses among elderly residents in Collin County, with more than $7 million reportedly stolen from about 200 local victims. Across Texas, officials estimate the total fraud could exceed $55 million.
One law enforcement official noted that in some cases, individual seniors lost more than $1 million from personal savings accounts. Authorities say these figures do not include all potential victims, and the investigation could expand further.
Sheriff Skinner is scheduled to speak to lawmakers in Washington on the issue of fraud against seniors and strategies for prevention.
Cover photo credit: CBS News video screenshot
