Texas Police Bust Massive Gold Coin Scam That Stole $2.8 Million From Elderly Victims

Elaborate Scheme Targets Vulnerable Residents Across Multiple Counties

A sophisticated fraud operation that preyed on elderly Texans has unraveled after months of investigation, with six people arrested in connection with a gold investment scheme that targeted elderly victims across Texas and totaled about $2.8 million . The elaborate scam involved criminals posing as federal employees to convince vulnerable seniors to convert their life savings into gold coins.

The investigation began in December 2025 after an 81-year-old Friendswood resident was convinced to convert $766,000 into 177 one-ounce Canadian Gold Maple Leaf coins by someone posing as a federal employee who claimed the victim's financial accounts had been compromised . The scammer used fear tactics, telling the elderly victim that their money was in danger and needed immediate protection through gold purchases.

The scheme's reach extended far beyond a single victim. During the investigation, police identified four additional victims in Humble, Cypress, Cleburne, and New Braunfels. Officials say those victims collectively lost about $1.9 million, bringing the total losses tied to the operation to approximately $2.8 million . Another Friendswood resident, age 76, lost $134,000 in a similar attack months earlier.

Multi-County Investigation Yields Major Recoveries

The Friendswood Police Department's investigation proved remarkably successful in recovering stolen assets. Investigators said they also went to a home in Richmond along Carluke Court, where they found 157 gold coins that law enforcement say were stolen from a Friendswood victim. During the Richmond search, officers recovered 157 of the 177 stolen gold coins belonging to the 81-year-old victim . The remaining coins were later tracked to Missouri City and recovered in February.

The operation's complexity became apparent as investigators executed search warrants across multiple locations. On Jan. 9, Friendswood police executed a search warrant at the business at 100 Sharpstown Center and seized additional evidence related to the fraud operation . The investigation revealed connections to a Houston jewelry business that authorities believe helped facilitate the scheme.

Friendswood PD said that through their investigation, they recovered more than $700,000 for one of the victims, which has been returned to them . Police Chief Josh Rogers emphasized the department's commitment, stating the investigation involved coordination with multiple district attorney's offices and assistance from the FBI.

Suspects Face Serious Charges as Assets Seized

The six arrested individuals face substantial legal consequences. All six suspects face first-degree felony theft charges with an enhancement for engaging in organized criminal activity . The defendants include Smitaben Thakor, 43, of Sugar Land; Samirali Ghabrani, 48, of Missouri City; Mudassir Iqbal Lakhani, 35, of Richmond; Iqbal Ibrahim Lakhani, 60, of Richmond; Zohaib Muhammad, 39, of Kingwood; and Samir Ali, 36, of Atascocita.

Bond amounts reflect the severity of the charges, with Thakor and Ghabrani remain in custody on $1 million bonds each; the others on $5 million bonds each . The financial impact extends beyond the stolen gold, as authorities said they have begun asset forfeiture proceedings for property they believe to have been purchased with money from the scheme. Among things targeted are several luxury vehicles, large amounts of cash, and high-end jewelry .

Warning Signs and Prevention Measures

This case highlights a growing threat to elderly Americans nationwide. In January, The Dallas Express reported on a similar scheme targeting seniors in the DFW metroplex. About 200 Collin County residents aged 65 and older collectively lost more than $7 million in retirement funds in a scam that threatened them with criminal probes and arrest unless they bought gold bars to deliver to couriers .

Law enforcement officials stress that legitimate organizations never operate this way. The department said no legitimate company or organization will call you or threaten you over the phone, or ask you to withdraw and convert your money into gold . The sophistication of these schemes, including fraudulent identification and official-sounding language, makes them particularly dangerous for vulnerable populations.

As investigations continue with connections beyond the United States , this case serves as a stark reminder that financial predators specifically target older adults' life savings. Families should maintain regular communication with elderly relatives about financial decisions and remain skeptical of any unsolicited contact demanding immediate action involving money or precious metals.