Tarrant County Criminal District Attorney Phil Sorrells announced on Friday, April 24, 2026, that 18 individuals have been indicted in connection with a sophisticated global fraud network that used gold to steal millions from elderly victims. The multi-agency investigation has led to the seizure of more than $130 million in gold linked to the criminal enterprise.
The scheme, which authorities say has operated since at least 2018, primarily targets older adults through overseas call centers located in India. Scammers pose as bank officials or government agents to convince victims that their financial security is at risk, eventually pressuring them to convert savings into gold bars, cash, or cryptocurrency.
According to Sorrells, the criminal network involves a layered hierarchy including overseas callers, local couriers who collect assets in person, and jewelry store owners who allegedly melt down stolen gold to hide its origin. One raid at a Frisco jewelry store in January provided critical evidence connecting these layers to the broader international operation.
“Today’s criminals don’t need to break into our house,” said Phil Sorrells, Tarrant County Criminal District Attorney. “They’re using a Trojan horse that’s already inside. It’s our phone.” Sorrells noted that one Texas victim became destitute after handing over more than $2 million to the scammers.
Investigators have identified approximately 130 victims nationwide, with a dozen located specifically in Tarrant County. However, the FBI reported that over a 10-month period last year, more than 5,100 victims were targeted by similar “gold bar” scams across the U.S., resulting in total losses exceeding $262 million.
In Radnor, Pennsylvania, local police reported that two elderly residents lost a combined $3 million to the same tactics between late 2024 and 2025. In those cases, victims were instructed to photograph the gold and leave it in the back seats of their vehicles for couriers to collect using secret passwords.
The Tarrant County District Attorney’s Office is working alongside the Texas Department of Public Safety, Homeland Security, and the FBI to identify further victims. Officials emphasized that no legitimate government agency or financial institution will ever ask citizens to purchase gold or cryptocurrency to secure their accounts.
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