McKINNEY, Texas — A sophisticated scam that allegedly defrauded more than 75 elderly Texans out of over $1.5 million has resulted in the arrest of three suspects, McKinney police announced.
Prakash Krishnaraj, 58, faces charges of making a false statement to obtain property. Two others, Christian Bolding, 31, and Eric Ell, 23, are charged with financial abuse of the elderly and making false statements to obtain property or credit. All three face felony charges.
The victims, mostly seniors, were located in North Texas cities including McKinney, Allen, Wylie, and Frisco.
“The scope of the fraud suggests this operation may be much larger than what we’ve uncovered so far,” said McKinney Police Chief Joe Ellenburg. “This case is a stark reminder of the growing financial exploitation of older adults.”
According to police, the suspects operated under business names like Precision Home Pros and Krishnaraj Construction. They reportedly approached victims in public places such as retail stores, offering to help lower their cable, phone, and utility bills by installing inexpensive streaming or security devices.
However, authorities say the real scheme involved forging long-term loan agreements using electronic signature platforms. Victims were unknowingly signed up for 20-year loans ranging from $13,000 to $32,500, with interest.
The loan proceeds were funneled into bank accounts tied to the suspects, shell companies, and other affiliated businesses, leaving victims on the hook for repayment.
The arrests followed a six-month investigation, and police believe additional victims or participants may yet be identified as the case expands.
