Two jewelry stores in Irving and Frisco were raided Thursday as part of a yearlong investigation into an alleged scheme involving gold purchased with money stolen from elderly fraud victims, authorities said.
Dozens of officers from the Collin County Sheriff’s Office, along with federal, state and local law enforcement agencies, carried out simultaneous raids at Tilak Jewelers in Irving and Saima Jewelers in Frisco. Officials said millions of dollars in cash and gold were seized.
Authorities allege the store owners laundered gold originally bought by elderly victims who were targeted in scams across North Texas and nationwide. Investigators say victims were instructed to purchase gold and hand it over to couriers, who then delivered it to the jewelry stores.
According to officials, the gold was melted down into bracelets and other items that were sold to unsuspecting customers or smuggled out of the country.
The investigation began early last year after the sheriff’s office formed a task force that started arresting suspected couriers across the Dallas-Fort Worth area. Authorities say the scam begins with emails sent to elderly victims, falsely claiming their names are linked to criminal activity and threatening arrest unless they comply.
More than $7 million has been stolen from about 200 Collin County victims, all over the age of 65, officials said. Statewide losses are estimated at more than $55 million.
Collin County Sheriff Jim Skinner stated, “Today’s coordinated effort reflects months of dedicated investigative work across jurisdictions. Individuals have been taken into custody, and our investigation is far from over. I want to thank all of our law enforcement partners, local, state, and federal, for their professionalism and continued collaboration. Together, we are working to dismantle this criminal operation and hold every person involved accountable.”
Two people were arrested at the Irving store and one person was arrested at the Frisco location. Officials said all items on display and in store vaults will be seized as the investigation continues.
The operations were carried out with assistance from the Allen Police Department, Irving Police Department, North Richland Hills Police Department, the Texas Department of Public Safety, the Department of Homeland Security’s Office of Inspector General, the United States Postal Inspection Service, Immigration and Customs Enforcement, and the Federal Crime Information Center. The broader investigation has also involved coordination with additional state, local, and federal partners.
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