SHOCKING! US-based Gujarati woman arrested in multi-state gold bar scam, victim loses $1.5 million

A Gujarati woman residing in the United States has surfaced as a significant role in a multi-state gold bar fraud in which fraudsters acting as federal officials convinced their victims to buy gold bullion and give it over for secure storage, only to defraud them of it. The con left a man from Bradenton in Florida reeling under a staggering loss of $1.5 million (Rs12.52 crore approx.). The swindle came to light after the police arrested 42-year-old Shweta Patel on May 9.

This ingenious deception operation began in February, when two imposters acting as federal officials knocked on the victim's house with a forged arrest warrant for suspected financial irregularities. They then called their "supervisor", who spun a yarn about the victim's potential to serve society better in other ways instead of being locked up.

Over the next month, this "supervisor" communicated with the victim daily, building rapport and trust, according to a tweet posted by Bradenton police from their official handle on X. The scammer eventually tricked the victim into thinking he was part of a sting operation targeting social security fraud.

Over several weeks, the scam artists tricked the victim into changing his $1.5 million retirement funds into gold bars. Then, while impersonating a police officer, Shweta Patel reportedly went to the victim's residence, stole the gold bars, and vanished.

Investigators linked one of the cars used during a drop-off to Patel, who lived in Georgia and served as a mule in the scheme. During inquiry, Patel disclosed that she was only a courier for a mystery individual she referred to as "King".  Illegal immigrants from China are also running these elaborate scams.

• China
• Gujarat
• India
• United States
• fraud
• scam
• security fraud
• gold