Six individuals have recently been apprehended in connection to a fraudulent scheme in Texas, where at least six elderly victims were targeted in a $2.8 million “gold bar” scam. The Friendswood Police Department initiated an investigation into the matter in December 2025 after an 81-year-old resident was coerced into converting $766,000 into 177 one-ounce Canadian Gold Maple Leaf coins.
The perpetrators, posing as federal employees, informed the victim that their financial accounts had been compromised and advised them to purchase gold to safeguard their assets. Subsequently, a similar scam was uncovered involving a 76-year-old resident who lost $134,000 in September 2025.
Initially, two suspects were identified early on in the probe. Smitaben Thakor was arrested on December 29, 2025, on a charge of theft from an elderly person, while Samirali Ghabrani was apprehended on December 31, 2025, for theft of property valued at $300,000 or more. Ghabrani, aged 48, is also being held on an immigration detainer at the Galveston County Jail.
Following these arrests, the investigation expanded, leading to the execution of search warrants at a residence in Richmond and a restaurant in Houston. During the search at the Richmond home, 157 of the 177 stolen gold coins were recovered, along with evidence linking the suspects to a broader fraud operation.
Mudassir Iqbal Lakhani and Iqbal Ibrahim Lakhani were arrested at the Richmond residence and charged with theft of property valued at $300,000 or more. Mudassir, 35, and Iqbal, 60, have a bond set at $5 million each. A subsequent search warrant at a jewelry business in Sharpstown yielded additional evidence related to the scam.
Additional arrests included Zohaib Muhammad, charged with theft of property valued at $300,000 or more and engaging in organized criminal activity, and Samir Ali, arrested on similar charges. Muhammad is 39, while Ali is 36, both with bonds set at $5 million.
During the course of the investigation, four more victims were identified, collectively losing approximately $1.9 million to the scam. Authorities believe the operation may have ties beyond U.S. borders and are conducting a broader investigation. Police Chief Josh Rogers commended the department’s swift actions in protecting the community, particularly elderly residents who are often targeted by criminals.
All six suspects are currently in custody, though their legal representation and pleas remain undisclosed. The investigation continues with the assistance of local prosecutors and the FBI.
