Seniors Were Told to Buy Gold for ‘Safekeeping.’ Prosecutors Say a Key Figure in the $250 Million Scheme Was Caught at JFK

A man accused of helping launder proceeds from an international fraud network that prosecutors say siphoned more than $250 million from older Americans was arrested at New York’s John F. Kennedy International Airport as he tried to leave the United States, authorities said.

Muzamil Ahmed, 35, was detained before a flight to Jeddah, Saudi Arabia, on outstanding warrants from Tarrant County, Texas. The investigation has so far identified more than 200 victims and produced more than 40 indictments, and officials said the case continues to expand.

The scheme described in court documents was built around fear. Older victims received unsolicited calls, emails or messages claiming their bank accounts, Social Security numbers or personal identifying information were compromised. They were then pressured to withdraw savings, buy gold or cryptocurrency, or leave cash ready for couriers posing as federal agents who would collect the valuables and protect them “for safekeeping.”

Prosecutors said Ahmed’s alleged role came after the valuables were collected. The Tarrant County District Attorney’s Office told CBS Texas that he created shell corporations, routed stolen money through a gold refinery, converted gold and cash into cryptocurrency and helped move funds outside the United States. Other reporting identified the refinery as being in Florida. Investigators accuse Ahmed of operating from New Jersey while coordinating parts of the money-moving operation.

The case offers a window into the scale and structure of fraudulent schemes that have targeted elderly Americans in recent years. Though such operations often begin with one alarming phone call or phishing message, authorities said the alleged network used a chain of couriers, money movers, jewelry businesses and financial intermediaries to turn victims’ savings into harder-to-trace assets before moving them abroad.

A Tarrant County grand jury indicted Ahmed on Aug. 28 on two counts of financial abuse of an elderly person. According to court records cited by the Fort Worth Star-Telegram, he is accused of taking between $30,000 and $150,000 from one elderly Tarrant County resident. The indictment also alleges he took money or gold from more than 35 other people, although authorities have not publicly listed individual loss amounts for each person named in connection with him.

Ahmed was arrested on Tarrant County warrants connected to financial abuse of the elderly, money laundering and engaging in organized criminal activity. He was booked into the Tarrant County jail after being returned to Texas, authorities said.

His capture at JFK comes as authorities continue pursuing others accused of participating in the same operation. More than 40 suspects have been indicted, including alleged couriers who collected cash and gold from older victims and jewelers accused of processing stolen gold. Earlier raids at North Texas jewelry businesses resulted in the seizure of gold and equipment investigators said was used to melt the metal; some of the stolen gold was converted into jewelry before being sold or moved elsewhere.

The human toll is visible in the cases identified so far. CBS Texas previously identified Robert Brown, a 78-year-old retired oil geologist, as one of the victims connected to the wider investigation. His daughter said an email claiming his account had been compromised led him to convert his savings into gold and cryptocurrency and ultimately surrender more than $2 million to people he believed were protecting it.

Authorities describe Ahmed’s alleged role as part of the money-moving side of the operation rather than the initial calls or courier pickups. The charges against him are accusations, and he has not been proven guilty in court.

Consumer protection agencies say this kind of case reflects a familiar and preventable pattern. The Federal Trade Commission says government agents will not tell consumers to buy gold bars and hand them to someone, withdraw cash for a courier, or move money to protect it. A request to shift savings into gold, cash or cryptocurrency for safekeeping should end the conversation immediately.

The FBI similarly warns consumers not to meet unknown people to deliver cash or precious metals. Federal agencies do not ask people to wire money, send cryptocurrency or buy precious metals to resolve a supposed problem with their finances, the bureau says.

Anyone who receives a call or message claiming a bank account, Social Security number or other financial information has been compromised should not use a phone number or link supplied by the caller. The FTC recommends contacting the bank or government agency independently through contact information the consumer already knows is legitimate.

People who have already handed over money, gold or cryptocurrency should end contact with the people making the demands and notify law enforcement as quickly as possible, officials said. Complaints can be submitted to the FBI’s Internet Crime Complaint Center and the FTC. Tarrant County authorities have also urged victims to come forward even if fear or embarrassment previously kept them from reporting what happened.