Authorities in Texas have arrested six individuals accused of operating an organized “gold bar” scam that allegedly defrauded elderly victims of nearly $2.8 million across the state. One of the victims was an 81-year-old resident of Friendswood who lost $766,000 before police were able to recover most of the stolen assets.
According to the Friendswood Police Department, the investigation began in December 2025 after the elderly victim reported being persuaded to convert $766,000 into 177 one-ounce Canadian Gold Maple Leaf coins. Investigators say a scammer posing as a federal employee contacted the victim and falsely claimed that their financial accounts had been compromised. The victim was then instructed to purchase gold as a way to “protect” their savings.
During the investigation, police discovered that a similar scheme had targeted another Friendswood resident, aged 76, in September 2025. That victim lost approximately $134,000 after being approached using the same fraudulent tactics.
Detectives quickly identified two suspects connected to the case and determined that one of them had driven to the victim’s home to collect the gold. Authorities arrested 43-year-old Smitaben Thakor of Sugar Land on December 29, 2025, on a Galveston County warrant charging theft from an elderly person. Two days later, 48-year-old Samirali Ghabrani of Missouri City was arrested and charged with theft of property valued at $300,000 or more. Officials say Ghabrani is also being held at the Galveston County Jail on an immigration detainer.
As the investigation widened, detectives executed search warrants at a residence in Richmond and a restaurant in Houston. During the search of the Richmond home, officers recovered 157 of the 177 gold coins stolen from the 81-year-old victim. Investigators also seized additional evidence they believe is connected to a broader fraud operation.
Two more suspects, 35-year-old Mudassir Iqbal Lakhani and 60-year-old Iqbal Ibrahim Lakhani, both from Richmond, were arrested at the residence. Each was charged with theft of property valued at $300,000 or more and had bond set at $5 million.
On January 9, 2026, investigators carried out another search warrant at a Houston jewelry business located in Sharpstown, where they seized further evidence linked to the alleged scheme. Authorities later recovered the remaining stolen gold on February 2, 2026, from a residence in Missouri City.
On March 4, 2026, officers executed an additional search warrant at a home in Kingwood with assistance from the Montgomery County Sheriff’s Office and local prosecutors. During that operation, 39-year-old Zohaib Muhammad of Kingwood was arrested and charged with theft of property valued at $300,000 or more and engaging in organized criminal activity. Shortly afterward, 36-year-old Samir Ali of Atascocita was arrested during a traffic stop near his home on a similar charge. Both men were given bonds set at $5 million.
Police say the investigation has uncovered four more victims in Humble, Cypress, Cleburne and New Braunfels who collectively lost about $1.9 million in the scheme. Authorities believe the case may have connections outside the United States and say the broader investigation is still ongoing.
Friendswood Police Chief Josh Rogers said the department’s rapid and coordinated response demonstrates its commitment to protecting residents, particularly elderly community members who are often targeted by financial scams. He also credited collaboration with local prosecutors and the FBI for helping advance the investigation.
All six suspects have been charged with first-degree felony theft with an enhancement for engaging in organized criminal activity, according to the Galveston County District Attorney’s Office. Thakor and Ghabrani remain held on $1 million bonds, while the other four defendants are each being held on $5 million bonds. Authorities are urging residents to stay alert and contact local law enforcement if they believe they or someone they know may have been targeted by a similar scam.
