Gold dealer spots the scam before two men arrive at victim’s DC home to collect the bars
WASHINGTON, DC – An 85-year-old DC man came close to converting more than $200,000 of his money into gold bars for scammers posing as federal agents, but a gold dealer recognized the scheme and alerted law enforcement before two men arrived at the victim’s home to collect the precious metal, police said.
The scheme began July 8 when the victim received an email from people claiming to be federal agents with the U.S. government, according to the Metropolitan Police Department.
The communications then moved to the phone.
Police said the scammers warned the 85-year-old that money in his bank account was at risk of being lost unless he protected it by purchasing gold bars and turning them over to the purported agents.
Believing the claims were legitimate, the man attempted to purchase more than $200,000 worth of gold bars.
The transaction caught the attention of the gold dealer, who told the man he was being scammed and alerted law enforcement.
The Metropolitan Police Department’s Financial and Cyber Crimes Unit and the FBI became involved in the investigation.
Police said the two men later arrived at the victim’s home to retrieve the gold bars.
Members of MPD’s Violent Crime Suppression Division arrested Chu Lin, 50, of Fresh Meadows, New York, and Xiean Cheng, 42, of Cornelius, North Carolina.
Both men were charged with second-degree financial fraud, according to police. A charge is an accusation, and the defendants are presumed innocent unless proven guilty.
Police did not disclose whether the victim ultimately lost any money in the attempted scheme.
Anyone with information about the case can call police at 202-727-9099 or text a tip to 50411.
MPD offers a reward of up to $1,000 for information leading to the arrest and indictment of a person or people responsible for a crime committed in DC.
Key Points
- An 85-year-old man was allegedly told by scammers posing as federal agents to purchase more than $200,000 in gold bars to protect money in his bank account.
- A gold dealer recognized the apparent scam and alerted law enforcement before the gold could be collected.
- Chu Lin, 50, and Xiean Cheng, 42, were arrested after police said they arrived at the victim’s home to retrieve the gold bars.
