Six people have been arrested in connection to a $2.8 million “gold bar” scam in Texas that targeted at least six elderly victims.
The Friendswood Police Department said in a social media statement that the investigation into the scam was launched in December 2025 after an 81-year-old resident was persuaded to convert $766,000 into 177 one-ounce Canadian Gold Maple Leaf coins.
A scammer posed as a federal employee and told the victim their financial accounts had been compromised, according to police. The scammer then instructed the victim to purchase gold in order to “protect” their assets.
As investigators looked into the case, they later found that a similar scheme had targeted a 76-year-old resident in September 2025. At the time, the victim lost $134,000.
Two initial suspects were identified early on in the investigation, and police determined that one suspect had driven to the victim’s home to collect the gold.
Smitaben Thakor was first arrested on December 29, 2025, on a theft from an elderly person charge. Two days later, Samirali Ghabrani was arrested on December 31, 2025, and was charged with theft of property valued at $300,000 or more.
Authorities said that Ghabrani, 48, is also being held on an immigration detainer at the Galveston County Jail, according to the statement.
Following the first two arrests, the investigation into the case expanded and detectives executed search warrants at a home in Richmond and at a restaurant in Houston.
While searching the Richmond home, officers recovered 157 of the 177 gold coins that were stolen from the 81-year-old victim. Authorities also seized evidence that they believe is tied to a broader fraud operation.
Mudassir Iqbal Lakhani and Iqbal Ibrahim Lakhani were both arrested at the Richmond residence and charged with theft of property valued at $300,000 or more, according to police. Both Mudassir, 35, and Iqbal, 60, have a bond set at $5 million.
On January 9, investigators executed a search warrant at a jewelry business in Sharpstown. They later seized additional evidence connected to the scam.
Police managed to recover the remaining stolen gold on February 2 at a residence in Missouri City.
One month later, officers executed another search warrant at a home in Kingwood on Wednesday, March 4.
Zohaib Muhammad was then arrested on a charge of theft of property valued at $300,000 or more and engaging in organized criminal activity, according to police. Samir Ali was also arrested during a traffic stop near his home on a similar charge to Muhammad, 39. Both Muhammad and Ali, who is 36, have had their bonds set at $5 million.
Amid the investigation, police have identified four additional victims who collectively lost about $1.9 million as a result of the scam. Police also said that a broader investigation remains ongoing, which they believe involves connections outside of the United States.
“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,” Police Chief Josh Rogers said in a statement, adding that local prosecutors and the FBI were crucial amid the investigation.
All six suspects are currently in custody. It’s not currently clear if any of them have entered pleas or retained legal representation in light of their arrests.
Read the full article here
