An 85-year-old Washington, D.C., man was preparing to hand over more than $200,000 in gold after people posing as federal agents convinced him that money in his bank account was at risk.
The plan unraveled before the gold changed hands. A dealer recognized the apparent scam while the man was trying to make the purchase and alerted authorities.
Investigators then waited for whoever came to retrieve the gold. When Chu Lin, 50, and Xiean Cheng, 42, arrived at the victim’s home, police arrested them, according to Fox News.
Lin, of Fresh Meadows, New York, and Cheng, of Cornelius, North Carolina, were each charged with second-degree financial fraud. The charges are allegations, and neither man has been convicted.
The Scam Started With a Warning About His Bank Money
The scheme began July 8 when the victim was contacted first by email and then by telephone. According to the Metropolitan Police Department, the people contacting him claimed to be federal agents with the U.S. government.
They told him that funds in his bank account were in danger of being lost unless he secured the money by purchasing gold bars and turning them over. Believing the instructions were legitimate, the man attempted to purchase more than $200,000 worth of gold.
The Gold Dealer Realized Something Was Wrong
The transaction never reached the handoff stage because the gold dealer recognized signs that the customer was being scammed. The dealer alerted the victim and contacted the Metropolitan Police Department’s Financial and Cyber Crimes Unit and the FBI.
That intervention prevented the victim from surrendering the gold and also gave investigators an opportunity to continue the planned transaction. Rather than simply ending contact with the callers, authorities waited to see who would arrive to collect the precious metals.
Police Arrested Two Men When They Arrived for the Gold
Police said Lin and Cheng later arrived at the victim’s home to retrieve the gold bars. Members of MPD’s Violent Crime Suppression Division arrested both men at the residence.
Lin and Cheng were each charged with second-degree financial fraud. Police announced the arrests August 7 and said the investigation remained active. Anyone with information about the case can contact Metropolitan Police at 202-727-9099 or submit a text tip to 50411.
Gold Courier Scams Have Cost Victims Hundreds of Millions
The FBI says criminals use government-impersonation, tech-support and other scams to persuade victims to liquidate savings into cash or precious metals.
A courier is then sent to the victim’s home or another meeting point to collect the money or gold. Scammers may provide a code, password or serial number to make the pickup appear official.
The FBI’s 2025 Internet Crime Report recorded approximately 725 complaints involving gold courier scams and $311.8 million in reported losses.
Federal Agents Will Not Tell You to Buy Gold to Protect Your Money
A government official will not require someone to convert bank savings into gold and surrender the metal to a courier for safekeeping. Anyone receiving such instructions should stop communicating with the caller and independently contact the agency the person claims to represent.
Someone who has already started purchasing gold or withdrawing money should immediately contact the financial institution or precious-metals dealer and explain that the transaction may be connected to fraud.
Emails, telephone numbers, messages, receipts, wallet information, courier descriptions and vehicle details should be preserved for investigators. Suspected scams can be reported to local law enforcement and the FBI through IC3.gov.