A 25-year-old Indian man in the United States on a work visa has been arrested in connection with a gold scam targeting elderly victims, with authorities apprehending him as he was on his way to collect $800,000 (₹6.6 crore) worth of gold. The accused, identified as Nigan Bhatt, is alleged to be part of a wider fraud network that has operated across multiple locations, using deception and impersonation to extract valuables from victims.
A Scam Built on Fear and Impersonation
According to reports, the scam involves callers posing as law enforcement officials who contact elderly individuals and claim that their financial accounts or social security benefits have been frozen. Victims are told that they are under investigation and must deposit gold to avoid arrest or regain access to their funds.
FCRF Launches Premier CISO Certification Amid Rising Demand for Cybersecurity Leadership
Bhatt was arrested before he could complete a collection linked to such a scheme. Detectives in Collin County, Texas, had alerted authorities in Louisiana after receiving information that he was travelling to the area to collect gold. He was taken into custody on April 7 before the exchange could take place.
Network Spanning States and Businesses
Investigators have indicated that the fraud is part of a broader network operating across the country. In January 2026, two Indian jewellery stores in Texas were raided after authorities found connections to the scam. The stores were allegedly used to process and sell gold obtained from victims, converting it into jewellery and moving it through legitimate commercial channels. Officials said the operation was designed to obscure the origin of the gold and erase the trail of the crime.
How the Fraud Operates
Law enforcement agencies have outlined a pattern in which victims are first contacted by individuals impersonating federal agents, bank officials, or representatives of major institutions. The callers use forged documents to reinforce their claims and pressure victims into making payments. Victims are instructed to convert their assets into gold and hand them over to couriers using a password-based system to complete the transaction.
The collected gold or cash is then transferred through laundering channels, including informal networks that move funds across borders. Authorities said the investigation remains ongoing, with multiple arrests already made, and have advised residents to remain cautious of unsolicited calls related to financial matters.
