Maryland man accused of "Gold Bar Scam," stealing hundreds of thousands from elderly

BALTIMORE - A Baltimore County man has been charged in connection with a "Gold Bar Scam" that targets senior citizens. 

Court documents say 52-year-old Vipul Thakkar had been stealing hundreds of thousands of dollars from a 74-year-old Bethesda man by claiming to be from the government," according to WUSA9.

The elderly man received a letter indicating that the Federal Trade Commission was filing a lawsuit and that he was entitled to money but needed to contact an attorney, according to documents.

Thakkar, the alleged attorney, from Owings Mills, told the victim he needed to convert his assets into gold.

Police said the victim converted his money eight times between May and June, giving the fake attorney more than $1 million.

"Just because you are not in Montgomery County, don't let your guard down if you are in PG County, the district you are just as much at risk partially if you are elderly or have some access to money," said John McCarthy, State's Attorney for Montgomery County.

Thakkar was arrested last week and is being held without bond while awaiting trial in September.  

Investigators are warning people to stay vigilant, saying this may be in connection to a string of similar scams and believe there are more victims in Maryland, as well as in Delaware, Pennsylvania, New Jersey and Virginia.