The Montgomery County Police Department (MCPD) has arrested a New York man, Yash Shah, 26, for his alleged involvement in a $2.3 million gold bar scam targeting an 88-year-old woman and her 61-year-old daughter. The scheme, involving fraudulent claims of government investigations, marks the first case of its kind reported in Montgomery County.
Elaborate Government-Impersonation Scam
In February 2023, the victims were contacted by someone posing as a Department of Justice official. The caller falsely claimed that their bank accounts had been implicated in criminal activities, including child pornography, human trafficking, and illegal gambling. Using fear and intimidation, the scammer instructed the victims to transfer their financial assets into cryptocurrency and gold bars to “secure” them during an investigation.
Over a five-month period, the victims delivered several shipments of gold bars, amounting to more than $2.3 million. One delivery alone, worth over $83,000, was traced to Shah.
Investigation and Arrest
Montgomery County Financial Crimes detectives, with assistance from New York law enforcement, identified Shah as one of the couriers who collected the gold bars. A warrant was issued for his arrest, and Shah was taken into custody in Nassau County, New York. He is currently awaiting extradition to Maryland.
A Growing Threat
This case underscores the increasing sophistication of scams targeting elderly individuals. Fraudsters often exploit fear and urgency, posing as government agents to manipulate victims into transferring their life savings.
Police Warning
Authorities urge the public to remain vigilant against scams involving demands for asset transfers, especially involving cryptocurrency or valuable goods. MCPD reminds residents that legitimate government agencies will never request such transactions.
Anyone who suspects they or a loved one may have been targeted by a similar scam is encouraged to report it to local law enforcement immediately.