OWINGS MILLS, Md. — A 53-year-old man from Owings Mills, Vipul Thakkar, has been sentenced to 18 months in prison for his role in a gold bar scam that nearly cost a 74-year-old victim over $240,000. He will also serve five years of supervised probation and must repay $40,000 to another elderly victim involved in a separate incident.
Thakkar was arrested in July 2024 after a potential victim recognized the scam from a WUSA9 news report and alerted authorities. In that case, the 74-year-old was preparing to hand over a large sum in gold bars when police intervened.
Gold bar scams often involve convincing victims to convert large amounts of money into gold and then hand it over to scammers posing as government officials. Law enforcement believes these scams are part of a larger organized crime ring.
According to Montgomery County officials, gold is especially difficult to recover because it lacks traceable features like serial numbers and can be quickly melted and sold.
Authorities warn that these scams continue to target Montgomery County residents, with seven reported cases in the summer of 2024 alone. Victims included an 88-year-old woman and her daughter who lost $2.3 million, contributing to a total of $6.3 million in gold losses reported that season.
Detectives emphasize that anyone, regardless of education or background, can be targeted. “The scammers exploit trust,” said Detective Sean Petty, “and convince victims they’re dealing with federal agents.”
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