Shweta Patel, a 42-year-old Indian-origin woman residing in the United States, was apprehended on May 9 in connection with a widespread gold bar scam that spanned multiple states. The scam, which duped individuals by posing as federal agents, involved convincing victims to purchase gold bullion for secure storage, only for the gold to vanish, resulting in substantial losses.
The scheme came to light after Patel's arrest, with one victim from Bradenton, Florida, reportedly losing a staggering $1.5 million as per reports by TOI. The fraud operation commenced earlier this year in February when two imposters, pretending to be federal agents, arrived at the victim's residence with a falsified arrest warrant alleging financial misconduct. Subsequently, they introduced their supposed supervisor, who emphasized the victim's potential contributions to society outside of incarceration.
In March, the scam intensified as the supposed "supervisor" engaged in daily communication with the victim, gradually building trust. Eventually, the victim was persuaded to believe he was participating in a sting operation targeting social security fraud. Consequently, he converted his retirement savings, valued at $1.5 million, into gold bars.
Patel, posing as a police officer, then collected the gold bars from the victim's location before disappearing. Such scams, it is reported, are not uncommon among illegal immigrants, particularly those from countries like India and China.
The arrest of Shweta Patel sheds light on the prevalence of fraudulent schemes targeting unsuspecting individuals, highlighting the need for heightened awareness and vigilance to protect against such scams.
