Key Figure in $250 Million Gold Scam Targeting Seniors Arrested While Trying to Flee U.S.

FORT WORTH, Texas - A man accused of playing a central role in an international fraud network that stole more than $250 million from senior citizens was arrested at a New York airport as he attempted to leave the United States, according to the Tarrant County Criminal District Attorney's Office.

Muzamil Ahmed, 35, was detained at John F. Kennedy International Airport and arrested on Tarrant County warrants for engaging in organized crime for theft, financial abuse of the elderly and money laundering.

Ahmed has since been returned to Tarrant County and booked into the Tarrant County Jail.

Investigators say Ahmed operated from New Jersey and established shell corporations used to launder money stolen from elderly victims. Authorities allege the money was funneled to a gold refinery in Florida, where gold and cash were converted into cryptocurrency and moved out of the country.

The larger criminal network is accused of causing more than $250 million in losses to more than 200 elderly victims in Tarrant County and elsewhere in the United States.

The investigation has resulted in more than 40 indictments involving people accused of performing different roles in the operation.

Prosecutors say the network includes couriers who collect gold and cash from victims, jewelry store owners who melt stolen gold and convert it into jewelry, and people responsible for converting cash into cryptocurrency.

Others are accused of helping the operation obtain U.S. bank accounts or access services from common carriers and refineries that melt gold and provide cryptocurrency payments.

The scheme typically begins with scammers contacting older adults and falsely claiming their bank accounts, Social Security numbers or other personal information have been compromised, according to prosecutors.

Victims are instructed to withdraw their savings and convert the money into gold bars or bitcoin, or to keep large amounts of cash available for collection.

Couriers then arrive at victims' homes posing as federal agents and claim they are there to secure the assets. Once victims turn over their gold or cash, prosecutors say, the assets are moved through the criminal network.

"If you are participating in this scam, know this: We are dismantling your network," Tarrant County Criminal District Attorney Phil Sorrells said. "You will face justice in Tarrant County."

Ahmed's arrest and return to Texas involved the Port Authority of New York and New Jersey Police Department, U.S. Marshals Service, Homeland Security Investigations, Department of Homeland Security Office of Inspector General and the Tarrant and Collin county sheriff's offices.

Sorrells warned residents that legitimate law enforcement agencies will not call and instruct people to surrender gold, cash or cryptocurrency. Anyone receiving such a call should hang up and contact their financial institution directly.