A man prosecutors describe as a central figure in an international fraud network accused of stealing more than $250 million from older Americans has been arrested at New York’s John F. Kennedy International Airport while trying to leave the country.
Muzamil Ahmed, 35, was preparing to board a flight to Jeddah, Saudi Arabia, when authorities detained him on outstanding Tarrant County warrants. The investigation now involves more than 200 identified victims and more than 40 indictments.
The scheme targeted older victims with claims that their bank accounts, Social Security numbers or other personal information had been compromised. Authorities say victims were pressured to withdraw their savings, buy gold or Bitcoin, or prepare cash that couriers posing as federal agents would collect for supposed safekeeping.
Prosecutors say Ahmed played a different role after the valuables were collected. The Tarrant County District Attorney’s Office told CBS Texas that he used shell corporations to launder stolen proceeds, funneled money through a gold refinery, converted gold and cash into cryptocurrency and helped move the money outside the United States.
Scammers Frightened Seniors Into Moving Their Savings
The operation often began with an unexpected phone call, email or message claiming something was wrong with a victim’s finances or identity. Scammers posed as bank representatives, government officials or law enforcement and claimed the victim’s money or personal information had become connected to suspicious activity.
Victims were then instructed to withdraw savings and convert the money into gold bars, cryptocurrency or cash. Couriers sometimes posed as federal agents and collected the valuables in person after victims were told their assets would be protected.
NBC 5 DFW reported that investigators describe a wider operation involving callers, couriers and jewelry businesses. Authorities say some couriers collected cash and gold while jewelry businesses were used to melt stolen gold and turn it into other forms before it could be moved or sold.
Prosecutors Say Ahmed Helped Move the Stolen Proceeds
Investigators accuse Ahmed of operating from New Jersey and creating shell corporations used to launder money stolen from older victims.
Tarrant County District Attorney Phil Sorrells said Ahmed funneled proceeds to a gold refinery, converted gold and cash into cryptocurrency and moved the money outside the country. Other reporting on the case identifies the refinery as being in Florida.
Authorities describe Ahmed’s alleged role as part of the money moving side of the operation rather than the initial calls or courier pickups. The charges against him remain accusations and have not been proven in court.
An Indictment Links Ahmed to More Than 35 Other People
A Tarrant County grand jury indicted Ahmed on August 28 on two counts of financial abuse of an elderly person. Court records cited by the Fort Worth Star Telegram accuse him of taking between $30,000 and $150,000 from one elderly Tarrant County resident.
The indictment also accuses Ahmed of taking money or gold from more than 35 other people. Authorities have not publicly provided an individual loss amount for every person named in connection with him.
Ahmed was arrested on Tarrant County warrants involving financial abuse of the elderly, money laundering and engaging in organized criminal activity for theft.
Ahmed Was Caught at JFK as the Investigation Expanded
Authorities say Ahmed was detained at JFK while waiting to board a flight to Jeddah, Saudi Arabia. He was taken into custody and returned to Tarrant County, where he was booked into jail.
His arrest comes as authorities continue pursuing other people accused of participating in the operation. More than 40 suspects have been indicted, including alleged couriers who collected cash and gold from older victims and jewelers accused of processing stolen gold.
Earlier raids at North Texas jewelry businesses resulted in the seizure of gold and equipment investigators say was used to melt the metal. Authorities have said some stolen gold was converted into jewelry before being sold or moved elsewhere.
CBS Texas previously identified Robert Brown, 78, a retired oil geologist, as one of the victims connected to the wider investigation. His daughter said an email claiming his account had been compromised led him to convert his savings into gold or cryptocurrency and turn over more than $2 million for supposed safekeeping.
No Government Agency Will Ask You to Hand Over Gold
The Federal Trade Commission says government agents will not tell consumers to buy gold bars and give them to someone, withdraw cash for a courier or move money to supposedly protect it. A request to move savings into gold, cash or cryptocurrency for safekeeping should end the conversation immediately.
Someone who receives a call or message claiming a bank account, Social Security number or other financial information has been compromised should not use a phone number or link supplied by the caller. The FTC recommends contacting the bank or government agency independently through contact information the consumer already knows is legitimate.
The FBI also warns consumers not to meet unknown people to deliver cash or precious metals and says federal agencies will not ask people to wire money, send cryptocurrency or buy precious metals to resolve a supposed problem with their finances.
Anyone who has already handed over money, gold or cryptocurrency should end contact with the people making the demands and contact law enforcement as quickly as possible. Complaints can also be submitted to the FBI’s Internet Crime Complaint Center and the FTC. Tarrant County authorities have urged victims to come forward even if embarrassment or fear previously kept them from reporting what happened.