India Tribune Newsdesk
Dallas, TX: Texas law enforcement agencies have dismantled a major financial fraud operation after conducting coordinated raids at two jewelry stores in the Dallas–Fort Worth area, uncovering what officials describe as a $55 million scam that targeted senior citizens across the state. The action followed a year-long investigation led by the Collin County Sheriff’s Office with support from local, state, and federal agencies.
Around midday on January 29, dozens of officers executed simultaneous searches at Tilak Jewelers in Irving and Saima Jewelers in Frisco. Investigators seized millions of dollars in cash and large quantities of gold, which authorities believe were central to a sophisticated “gold bar scam” designed to exploit elderly victims, many of them over the age of 65. A Brinks armored truck was brought in to transport the seized assets, which officials hope will eventually help compensate victims.
According to investigators, the scheme began with fraudsters sending threatening emails to seniors, falsely claiming their names were linked to serious crimes such as money laundering or drug trafficking. Victims were warned they faced imminent arrest unless they followed specific instructions. Those instructions often involved liquidating retirement savings, purchasing gold bars, and handing them over to couriers posing as government agents.
Law enforcement officials allege that these couriers then delivered the fraudulently obtained gold to the two jewelry stores. The gold was reportedly melted down into items such as bracelets and other jewelry, some of which were sold to unsuspecting customers, while other materials were smuggled out of the country. Authorities believe everyone involved in the chain—from scammers to couriers to business operators—received a share of the profits.
During the raids, two individuals were arrested at the Irving location and one at the Frisco store. Among those linked to the broader case is Radhakrishna Yerramneni, a 46-year-old man of Telugu origin, who was arrested on October 23 last, and booked with two counts of ‘engaging in organized criminal activity’ and one count of ‘financial abuse of elderly’. Radhakrishna had been charged with $2 million each as a bail amount, totaling $4 million (more than `36.75 crore) for his final bail. He faces charges including engaging in organized criminal activity and financial exploitation of the elderly. Additional arrests include Pranjal Jigneshkumar Patel, Simarjeet Singh Gill, Satish Amrutlal Kumar Patel, and Arpit Desai. Some cases are currently before a grand jury, while others are being reviewed under organized crime statutes.
Authorities estimate that in Collin County alone, more than 200 seniors lost over $7 million, with some individual victims losing more than $1 million from personal savings accounts. Statewide losses are believed to exceed $55 million. Officials noted that crimes involving elderly victims are often underreported because many seniors feel fear, shame, or confusion, which can delay investigations.
Collin County Sheriff Jim Skinner emphasized a zero-tolerance stance on such crimes, warning that anyone attempting to defraud residents—especially seniors—will be pursued. He also confirmed that more than $400,000 has already been returned to victims and that additional recoveries are expected as seized gold and assets are processed. The investigation remains ongoing, with authorities signaling that more arrests and charges could follow as they work to dismantle the entire criminal network.
Collin County Sheriff Jim Skinner, said: “You call Collin County and you go to defraud our citizens, we’re going to come get you, that’s just the bottom line.”
During the one-yearlong investigation, a task force was set up by Collin County Sheriff’s Office. Suspected couriers from around Dallas-Fort Worth area began getting arrested by the task force.
(With the input of various media outlet)
