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Suspect charged after Maryland man converts $1.1M to gold bars and unwittingly hands them over to fraudsters
Suspect charged after Bethesda man converts $1.1M to gold bars and unwittingly hands them over to fraudsters
Jack Moore | jmoore@wtop.com
July 26, 2024, 7:28 AM
A 74-year-old Bethesda, Maryland, man was scammed out of more than $1 million he converted to gold bars and then unwittingly handed over to fraudsters, police in Montgomery County say. ... It’s the latest example of what seems to be a growing trend of scams involving gold bars. ... The alleged scammer, 52-year-old Vipul J. Thakkar, of Owings Mills, was arrested Wednesday after picking up the last payment of gold bars from the victim’s home, police said in a news release on Thursday. Thakkar has been charged with multiple counts of attempted theft and is being held without bond.
The scam started back in March when the Bethesda man received an email saying a suspicious deposit had been made into his bank account. He was instructed to convert his money into gold purportedly to protect his assets. ... On 10 separate occasions, between March and June, the man purchased a total of over $1.1 million in gold bars and arranged to have the bars picked up by associates of the suspect, police said.
It wasn’t until the man made the final purchase of more than $240,000 in gold bars that he saw a local news report about an 82-year-old Montgomery County woman who had been scammed out of $900,000 in a similar scheme. He then contacted Montgomery County Police Department’s Financial Crimes Section. ... On Wednesday, a Montgomery County detective communicated with the suspect, later identified as Thakkar, and arranged a pickup at the Bethesda man’s home. Posing as the victim, the detective handed a package to Thakkar who then got in a car and drove away. ... Officers then stopped Thakkar and he was arrested.
Officials say the county is seeing more of these types of scams, often involving older people who are told to convert the money in their bank accounts into gold bars. ... In the case of the 82-year-old woman, victimized earlier this month, police have arrested a 19-year-old New York City resident.
{snip}
Jack Moore
Jack Moore joined WTOP.com as a digital writer/editor in July 2016. Previous to his current role, he covered federal government management and technology as the news editor at Nextgov.com, part of Government Executive Media Group.
jmoore@wtop.com
Jack Moore | jmoore@wtop.com
July 26, 2024, 7:28 AM
A 74-year-old Bethesda, Maryland, man was scammed out of more than $1 million he converted to gold bars and then unwittingly handed over to fraudsters, police in Montgomery County say. ... It’s the latest example of what seems to be a growing trend of scams involving gold bars. ... The alleged scammer, 52-year-old Vipul J. Thakkar, of Owings Mills, was arrested Wednesday after picking up the last payment of gold bars from the victim’s home, police said in a news release on Thursday. Thakkar has been charged with multiple counts of attempted theft and is being held without bond.
The scam started back in March when the Bethesda man received an email saying a suspicious deposit had been made into his bank account. He was instructed to convert his money into gold purportedly to protect his assets. ... On 10 separate occasions, between March and June, the man purchased a total of over $1.1 million in gold bars and arranged to have the bars picked up by associates of the suspect, police said.
It wasn’t until the man made the final purchase of more than $240,000 in gold bars that he saw a local news report about an 82-year-old Montgomery County woman who had been scammed out of $900,000 in a similar scheme. He then contacted Montgomery County Police Department’s Financial Crimes Section. ... On Wednesday, a Montgomery County detective communicated with the suspect, later identified as Thakkar, and arranged a pickup at the Bethesda man’s home. Posing as the victim, the detective handed a package to Thakkar who then got in a car and drove away. ... Officers then stopped Thakkar and he was arrested.
Officials say the county is seeing more of these types of scams, often involving older people who are told to convert the money in their bank accounts into gold bars. ... In the case of the 82-year-old woman, victimized earlier this month, police have arrested a 19-year-old New York City resident.
{snip}
Jack Moore
Jack Moore joined WTOP.com as a digital writer/editor in July 2016. Previous to his current role, he covered federal government management and technology as the news editor at Nextgov.com, part of Government Executive Media Group.
jmoore@wtop.com
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