Federal and local authorities have uncovered a large-scale fraud operation tied to jewelry stores in Irving and Frisco, following coordinated raids that marked the end of a year-long investigation into a nationwide gold scam targeting elderly victims.

On Thursday, dozens of officers from the Collin County Sheriff’s Office, along with federal, state and local law enforcement agencies, executed simultaneous tactical raids at Tilak Jewelers in Irving and Saima Jewelers in Frisco. Investigators say the stores were involved in laundering gold obtained through scams that have stripped seniors of tens of millions of dollars in retirement savings.

A Year of Investigation Leads to Breakthrough

The investigation began early last year when the Collin County Sheriff’s Office formed a special task force to track a surge in fraud cases involving elderly residents. Detectives soon discovered a pattern: seniors were being manipulated into purchasing large amounts of gold and handing it over to couriers under false pretenses. According to authorities, victims received alarming emails or phone calls claiming their names were linked to criminal activity. Scammers impersonating federal officials allegedly threatened arrest unless the victims followed strict instructions — including secrecy — to buy gold bars or precious metals and surrender them to couriers.

“These victims were convinced they were under federal investigation,” Sheriff Jim Skinner said. “They were directed to liquidate their assets or purchase gold and hand it over, believing they were protecting themselves.”

How the Scam Worked

Officials say couriers collected the gold from victims and delivered it to jewelry stores, where it was melted down into bracelets and other jewelry items. The newly created pieces were then sold to unsuspecting customers or allegedly smuggled out of the country, making the gold nearly impossible to trace. Investigators believe everyone involved in what is now known as the “gold bar scam” received a share of the profits — from the initial scammers to the couriers and businesses that processed the stolen gold. “You call Collin County and you go to defraud our citizens, we’re going to come get you,” Skinner said. “That’s just the bottom line.”

Millions Lost, Millions Seized

Authorities estimate that more than $55 million has been stolen from victims across Texas, including over $7.2 million from approximately 200 victims in Collin County alone. All of the local victims were over the age of 65, many losing their entire life savings. During the raids, law enforcement seized millions of dollars in cash and gold from the two jewelry stores. A Brinks armored truck was brought in to remove evidence, including items from store displays and secured vaults.

Officials confirmed that three people were arrested — two at the Irving location and one at the Frisco store. Additional arrests may follow as the investigation continues.

Efforts to Recover Victims’ Money

So far, authorities have recovered more than $400,000 and returned it to victims, though officials hope the latest seizures will significantly increase that amount.

“These are extremely difficult cases to investigate,” Skinner said. “In some cases, victims lost over a million dollars — cash money they had saved their entire lives.” Sheriff Skinner is traveling to Washington, D.C. to speak with federal officials about the investigation and the growing national crisis of elder fraud.

A Warning to the Public

Law enforcement officials are urging families to talk with elderly relatives about scams involving gold, cash, or urgent threats. They stress that legitimate government agencies do not demand payment in gold or ask citizens to keep investigations secret.

As the investigation continues, officials say the seized assets may eventually be forfeited and used to help restore the stolen savings of victims — offering some hope after what they describe as one of the most devastating fraud schemes affecting seniors in Texas and beyond.