Full Breakdown
Six Arrested in $2.8 Million Gold Bar Scam Targeting Elderly in Texas
3/6/2026, 4:15:12 AM
Overview of the Scam
Six individuals have been arrested in connection with a sophisticated gold bar scam that defrauded elderly residents in Texas of approximately $2.8 million. The Friendswood Police Department initiated the investigation in December 2025 after an 81-year-old victim was convinced to convert $766,000 into 177 one-ounce Canadian Gold Maple Leaf coins. The scam involved impersonators posing as federal employees, who falsely claimed that the victim's financial accounts had been compromised and advised them to purchase gold to "protect" their assets.
Key Arrests and Investigation Progress
The investigation revealed that a similar scheme had targeted a 76-year-old resident in September 2025, resulting in a loss of $134,000. Initial arrests included Smitaben Thakor, 43, on December 29, 2025, and Samirali Ghabrani, 48, on December 31, 2025, both charged with theft from an elderly person and theft of property valued at $300,000 or more, respectively. Ghabrani is also being held on an immigration detainer.
As the investigation expanded, authorities executed search warrants at various locations, including a residence in Richmond, where 157 of the stolen gold coins were recovered. Mudassir Iqbal Lakhani, 35, and Iqbal Ibrahim Lakhani, 60, were arrested at this location, both facing similar theft charges with bonds set at $5 million.
Further developments occurred on January 9, 2026, when investigators executed a search warrant at a jewelry business in Sharpstown, leading to the recovery of additional evidence. On February 2, 2026, the remaining stolen gold was located at a residence in Missouri City. Subsequent arrests included Zohaib Muhammad, 39, and Samir Ali, 36, both charged with theft of property valued at $300,000 or more and engaging in organized criminal activity.
Broader Implications and Ongoing Investigation
The investigation has identified four additional victims from areas including Humble, Cypress, Cleburne, and New Braunfels, who collectively lost about $1.9 million. Authorities believe the scam may have connections beyond the United States, indicating a larger network of fraud operations. Friendswood Police Chief Josh Rogers emphasized the department's commitment to protecting vulnerable community members, particularly the elderly.
Official Statements & Responses
The Friendswood Police Department stated, “Our unwavering dedication to protecting our community, especially our elderly residents who are often targeted by criminals,” highlighting the collaboration with local prosecutors and the FBI in the investigation. All six suspects are currently in custody, with varying bond amounts, and it remains unclear if they have entered pleas or secured legal representation.
Criticism & Opposition
While the investigation has been praised for its thoroughness, some community members have expressed concerns about the increasing prevalence of scams targeting the elderly, emphasizing the need for greater awareness and preventive measures.
Verbatim Quotes
- “The Friendswood Police Department’s quick and precise actions in this case reflect our unwavering dedication to protecting our community, especially our elderly residents who are often targeted by criminals,” — Josh Rogers, Police Chief
The ongoing investigation continues to uncover the extent of the scam and its implications for the broader community, urging residents to remain vigilant against similar fraudulent schemes.
