CONCORD, N.H. — A Connecticut man accused of defrauding a New Hampshire retiree out of $3.1 million in gold bars has been ordered held without bail by a judge on Monday.
Ji Li, 41, of Middletown, Connecticut, faces a felony charge of conspiracy to commit theft by deception following his arrest on May 12. He was taken into custody during what investigators said was the final stage of an elaborate scam targeting a 72-year-old man from Concord.
According to court documents obtained by News 9, the victim was initially lured in by a pop-up message on his computer claiming it had been hacked. When he called the number provided, he was connected to individuals posing as Microsoft security personnel, a bank fraud specialist, and even a Federal Reserve official.
The scammers convinced the victim that his personal and financial information had been compromised and advised him to convert his life savings into gold for protection. Investigators say the man purchased gold bars on three occasions between February and May, totaling $3.1 million.
The gold was picked up four separate times at different locations in Concord, with another handoff arranged for May 12—the same day Li was apprehended.
During a bail hearing Monday, Judge John Kissinger cited Li’s lack of ties to New Hampshire as a major factor in denying bail.
“The state has established by a preponderance of the evidence that the defendant’s release on bail will not reasonably assure his appearance in court,” said Judge Kissinger.
The arrest followed a joint investigation by the FBI and Concord Police Department, and authorities believe Li may be part of a larger network conducting similar scams.
