Bradenton Elder Fraud Investigation Tied to Nationwide Gold Bar Scam Conspiracy
A 2024 investigation by the Bradenton Police Department Elder Fraud Unit into a gold bar scam that cost an 80-year-old veteran approximately $1.4 million has been linked to a nationwide elder fraud conspiracy that has victimized seniors across multiple states.
According to investigators, the Bradenton victim lost his life savings after being targeted by individuals posing as federal agents. The case later became part of a larger federal investigation that uncovered a multistate scheme responsible for more than $6 million in losses among at least 12 identified victims.
The investigation began after the victim reported that two men arrived at his home in February 2024, claiming to be agents with U.S. Customs and Border Protection. The men allegedly told the victim there was a warrant for his arrest and said a supervisor would contact him regarding the matter.
Over the following month, the victim was repeatedly contacted by a woman claiming to be a supervisor who said she could help resolve his legal problems if he cooperated with an investigation. Investigators said the victim was instructed to liquidate his financial assets, convert the money into gold bars, and hand the gold over to individuals presented as government agents.
Believing he was assisting law enforcement, the veteran purchased approximately $1.4 million in gold bars in three separate transactions and delivered them to individuals at predetermined locations.
Detectives traced the victim’s money to Georgia resident Swetaban Patel, who was arrested in April 2024 and charged with grand theft. Authorities said Patel later cooperated with federal investigators as they pursued additional suspects connected to the operation.
Investigators also identified Syed M. Makki as a suspect. Detectives determined Makki may have been one of the individuals posing as an agent and interacting directly with victims during the scheme.
Federal authorities said Makki had already been arrested in Illinois in March 2024 after investigators discovered he was transporting gold bars collected from victims through associates operating in Colorado and Missouri.
Last week, a federal judge sentenced Makki to 15 and a half years in federal prison for his role in the conspiracy. He was also ordered to pay $4.754 million in restitution and forfeit the gold bars connected to the fraud scheme.
Federal prosecutors said the conspiracy operated between 2023 and March 31, 2024. The scheme allegedly used computer malware to direct victims to fraudulent phone numbers. Once victims called, members of the organization impersonated Microsoft employees, banking representatives, government officials, and law enforcement personnel.
Victims were falsely told their identities and bank accounts had been compromised and that their money was no longer safe in financial institutions. They were instructed to withdraw funds, liquidate retirement accounts, purchase gold bars or coins, and transfer the assets to individuals connected to the operation for supposed safekeeping.
Authorities said the gold was then transported across state lines as part of the criminal enterprise.
The Bradenton Police Department encourages residents to remain cautious of unsolicited calls or visits from individuals claiming to represent government agencies or financial institutions. Information about common scams and fraud prevention resources is available through the department’s Elder Fraud Unit at Bradentonpd.com and at police headquarters in downtown Bradenton.
