More elderly victims identified in North Texas gold‑smelting fraud ring, police say

The number of victims tied to the alleged yearlong fraud scheme continues to rise, with the Collin County Sheriff's Office reporting an additional $2.1 million in losses from older adults who have come forward since CBS News Texas first reported on the case Thursday night.

More than $30 million in gold and silver has already been seized from two North Texas jewelry stores that investigators say were central to the operation. 

One of the stores, located on Preston Road in Frisco, is now under a stop‑work order from the fire marshal, who accuses the business of conducting "unpermitted hazardous operations." 

Investigators say they discovered an illegal gold‑melting setup inside during last week's raid.

Alleged scheme targeted more than 200 older adults

Sheriff Jim Skinner said more than 200 victims, all over the age of 65, were contacted by fraudsters posing as law enforcement officers using fake credentials. The callers allegedly told victims they were implicated in crimes and instructed them to buy gold bars from legitimate dealers.

The victims were told to hand the gold over to couriers, who authorities say are among the suspects now arrested. Skinner said the scheme preyed on older adults' trust in authority.

"Our elderly victims who are being hoodwinked here have a respect for the law," he said.

Investigators say the couriers then took the gold bars to the two stores, where they were allegedly melted down into bracelets and other jewelry that could be sold.

"What these folks are doing is they're liquidating these assets by smelting the gold down, making jewelry, and just going home with it," Skinner said.

Stores remain crime scenes as investigation continues

The seized gold and silver remain as evidence while both locations stay closed off by investigators.

Three people – including the owners of the two stores – remain in the Collin County jail. They are charged with engaging in organized criminal activity and financial abuse of the elderly.

CBS News Texas also offers an online explainer to help older adults spot these scams and recognize key red flags.