Muzammil Ahmad, a key figure in a gold scam targeting seniors in Texas, was arrested as he was boarding a flight to Saudi Arabia.
A 35-year-old man accused of playing a central role in an international fraud network that allegedly stole more than $250 million from elderly victims has been arrested at New York's John F Kennedy International Airport while attempting to leave the US, authorities said. Muzamil Ahmed was detained at JFK as he was preparing to board a flight to Jeddah, Saudi Arabia, according to Tarrant County District Attorney Phil Sorrells. Instead of leaving the country, Ahmed was taken into custody and then brought back to Tarrant County, Texas.
$250 million scam
He faces charges including engaging in organized crime for theft, financial abuse of the elderly and money laundering. A Tarrant County grand jury indicted Ahmed on August 28 on two counts of financial abuse of the elderly, according to court records. Authorities alleged Ahmed was one of the key figures responsible for laundering money obtained through the sprawling fraud operation. Investigators say he operated from New Jersey and established shell corporations that were used to move money stolen from elderly victims. The alleged scheme targeted seniors through a combination of impersonation, fear and urgency. According to investigators, victims were contacted by people posing as bank representatives or federal agents. They were allegedly told that their bank accounts, Social Security numbers or other personal information had been compromised. The victims were then instructed to withdraw their savings and convert the money into gold, cryptocurrency or cash. In some cases, people posing as federal agents allegedly arrived at the victims' homes to collect the gold or money, authorities said. Investigators say Ahmed's alleged role came later in the money trail. Authorities accuse him of using shell companies to launder the proceeds, routing stolen gold and cash through a Florida refinery and eventually converting the assets into cryptocurrency before moving the money outside the US. The investigation has so far resulted in more than 40 indictments and more than 200 identified victims, with authorities estimating the total stolen at over $250 million. The alleged victims are not limited to Tarrant County; investigators say the operation affected elderly people elsewhere in the US and potentially internationally. The investigation has also uncovered an alleged network involving several layers of participants. Authorities say some suspects worked as couriers who collected gold or cash from victims, while others allegedly worked at call centres that contacted potential victims. Jewelry businesses are also alleged to have been involved in melting down stolen gold and converting it into jewelry, making it harder to trace the bullion. The case has had devastating consequences for some victims. Tarrant County authorities said one victim died by suicide after allegedly losing $2 million and becoming financially destitute. Officials are concerned that additional victims may not have reported their losses because of embarrassment or fear. Ahmed's arrest came as investigators continue searching for other people allegedly connected to the operation. Sorrells urged anyone who believes they may have been targeted to contact law enforcement, stressing that victims should not feel ashamed about reporting the crime. Authorities are also warning seniors that legitimate law enforcement agencies will never demand gold, cash or cryptocurrency to protect a bank account or investigate alleged financial crimes. Anyone receiving such a demand should end the call and independently contact their bank or the relevant government agency.
