Irving and Frisco—Two Indian-owned jewelry stores became the focal point of a massive law enforcement operation Thursday as authorities shut down what they describe as a sophisticated gold laundering scheme that defrauded Texas seniors out of more than $55 million. The coordinated raids at Tilak Jewelers in Irving and Saima Jewelers in Frisco capped a year-long investigation by the Collin County Sheriff's Office working alongside federal, state, and local agencies.
Officers seized millions in cash and gold while three individuals faced arrest, marking a significant victory against what authorities say is a nationwide scam.
Key Facts
• Nearly 200 Collin County seniors (aged 65+) lost $7.28 million in retirement funds, with statewide losses exceeding $55 million across Texas
• The year-long investigation led by Collin County Sheriff's Office resulted in raids at Tilak Jewelers in Irving and Saima Jewelers in Frisco on January 30, 2026, with three arrests and millions seized
• Victims received threatening emails claiming federal investigations and arrest, forcing them to purchase gold and hand it to couriers who sold it to the jewelry stores for laundering
The "gold bar scam" operates through a ruthless psychological manipulation targeting vulnerable seniors. Elderly residents receive threatening emails claiming their names were linked to serious federal crimes.
The messages threaten immediate arrest unless victims comply with one instruction: buy gold immediately and hand it to designated couriers.
Victims, believing they faced criminal prosecution, liquidated retirement accounts and purchased large quantities of gold and precious metals. Some individual victims lost over $1 million in cash alone.
The couriers collected this gold, then delivered portions to the two jewelry stores at the center of Thursday's raids.
Once inside the stores, the gold underwent transformation. Workers melted down the precious metal into bracelets and other jewelry items.
Some finished pieces were sold to unsuspecting customers unaware of their stolen origins. Other items were smuggled out of the country for sale abroad.
Every participant in the chain—from email scammers to couriers to store owners—received a cut of the profits. Collin County Sheriff Jim Skinner emphasized the seriousness of the crime, stating,
His office had been arresting suspected couriers across the Dallas-Fort Worth area since early last year.
The numbers paint a devastating picture of the scam's reach. Nearly 200 senior citizens aged 65 and older in Collin County alone lost $7,283,342.78 from their retirement savings. Across Texas, the total theft exceeded $55 million.
Investigators identified individual victims who had their entire life savings wiped out in single transactions.
Thursday's raids involved dozens of officers from multiple agencies conducting tactical searches at both locations around noon. A Brinks armored truck arrived to haul away evidence—all inventory from displays and vaults became subject to seizure.
Authorities believe much of this seized property will eventually be forfeited and returned to victims.
The investigation remains ongoing with authorities expecting to make additional disclosures as the case progresses. To date, more than $400,000 has been recovered and returned to victims.
Collin County Sheriff Skinner was scheduled to speak about elderly fraud and this case in Washington on Friday, highlighting how this scam has swept across the nation.
The seizures Thursday represent a crucial step in dismantling a nationwide fraud operation that has devastated countless families. As investigators work to trace additional connections within the network, victims and their families wait to see how much of their stolen life savings can be recovered.
The case underscores the vulnerability of senior citizens to sophisticated scams and the determination of law enforcement to protect them. Authorities urge anyone who received suspicious emails or was contacted by couriers to report the information immediately to local law enforcement or the FBI.
Do You Know?
One Collin County victim was defrauded of over $1 million in cash alone, representing not just retirement savings but an entire lifetime of financial security
Key Terms
• Gold bar scam: A fraud scheme where scammers impersonate federal authorities via email, threatening arrest unless victims purchase gold and hand it to couriers
• Gold laundering: The process of converting stolen or illegally obtained gold into legitimate-appearing jewelry or other products for resale or export
• Couriers: Individuals who collect gold from fraud victims and transport it to jewelry stores or other locations for processing
• Asset forfeiture: Legal seizure of property believed to be connected to criminal activity, which can be returned to victims as restitution
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