Montgomery County Police have arrested a 52-year-old man, Vipul J. Thakkar, from Owings Mills, Baltimore County, in connection with a gold bar scam that targeted a 74-year-old Bethesda man. The arrest occurred Wednesday after the victim reported that he had been deceived into purchasing over $1 million in gold bars.
The Bethesda man contacted the police after he saw a news report about another victim, an 82-year-old woman from Silver Spring, who lost nearly $900,000 in a similar scheme. According to police, the Bethesda victim received an email claiming a suspicious deposit was made into his bank account. An unknown individual advised him to convert his money into gold to safeguard his assets.
Between March and June of this year, the victim purchased gold bars worth more than $1.1 million, arranging for the items to be picked up by the scammer’s associates. After making a final purchase of over $240,000, he saw the news report and decided to alert law enforcement.
On the day of the arrest, a police detective arranged a meeting with Thakkar at the victim’s home, posing as the victim. Thakkar arrived to collect a package and drove away but was quickly stopped by officers and arrested. He now faces multiple counts of attempted theft and is currently being held without bond.