Maryland Man Charged with 'Gold Bullion Scam' Who Stole Hundreds of Thousands of Dollars from Seniors

BALTIMORE - A Baltimore County man has been charged in connection with a "gold bullion scam" targeting seniors.

Court documents allege that Vipul Thakkar, 52, stole hundreds of thousands of dollars from a 74-year-old Bethesda man by claiming to be a government representative. According to WUSA9.

According to the documents, the elderly man received a letter telling him that the Federal Trade Commission was filing a lawsuit and that he was entitled to the money but should contact a lawyer.

Thakkar, the alleged lawyer for Owings Mills, told the victim that he needed to convert his assets into gold.

Police said the victim converted his money eight times between May and June, giving the fake lawyer more than $1 million.

“Just because you’re not in Montgomery County, don’t let your guard down if you’re in PG County, the county where you’re at just as much risk as you are, partly because you’re older or have a little bit of money,” said Montgomery County District Attorney John McCarthy.

Thakkar was arrested last week and is being held without bail pending a trial scheduled for September.

Investigators are urging the public to remain vigilant, saying this could be linked to a series of similar scams and they believe there are multiple victims in Maryland, as well as Delaware, Pennsylvania, New Jersey and Virginia.