Detroit-area man scammed out of $460K in fake online gold exchange
(CBS DETROIT) - A Metro Detroit man was scammed out of nearly half a million dollars in a gold exchange scam involving someone he had met online, police say.
The victim, an 81-year-old Troy man, reported to police that he invested $460,000 in what he thought was a legitimate gold exchange with a woman he had met online.
The 81-year-old became involved in the scam in October 2023 and invested money through this woman for four months.
Police say that when the victim inquired about withdrawing some of his earnings, he was told he would have to pay a tax penalty before he could access the money.
A family member of the victim recognized that it was a scam.
Troy police Sgt. Ben Hancock shared some tips and said residents should be sure to check emails for any typos and if anyone if planning to make some type of big investment in this type of way they should ask another family member to look it over for them.
The investigation is ongoing.