Chicago – June 18, 2026
A major fraud investigation in Collin County, Texas, has led to the arrest of multiple individuals, including two Indian-origin jewelers, in connection with a $55 million gold bar scam targeting elderly victims. The arrests followed a year-long joint investigation by the Collin County Sheriff’s Office and federal authorities, culminating in coordinated raids on Tilak Jewelers in Irving and Saima Jewelers in Frisco.
Authorities reported that three suspects were taken into custody, while millions of dollars in cash, gold, and jewelry were seized during the operation. Collin County Sheriff Jim Skinner stated that the accused were involved in a sophisticated scheme in which elderly individuals were threatened via email, falsely claiming they were under federal investigation. Victims were coerced into purchasing gold and handing it over to couriers to avoid arrest.
Investigators say the stolen gold was converted into jewelry and later resold or smuggled. Approximately 200 victims aged 65 and older in Collin County alone lost $7.28 million, with total losses exceeding $55 million statewide. Officials have recovered over $400,000 so far and expect further restitution as the investigation continues.
