$2.3M Gold Bar Scam Targets 2 MD Women: Police

MONTGOMERY COUNTY, MD — A New York man has been arrested after police said he helped target two Montgomery County women through a government-imposter gold bar scam that stole more than $2.3 million.

Yash Shah, 26, of Baldwin, New York, was identified as a courier in the scheme, Montgomery County Police said Thursday in a news release. Shah was arrested in New York and is being held in Nassau County, awaiting extradition to Maryland.

In February 2023, an 88-year-old mother and her 61-year-old daughter were contacted by someone they did not know who claimed to be from the U.S. Department of Justice. The person told the victims their bank accounts had been used for criminal activity including child pornography, human trafficking, and illegal gambling.

Police said the victims were told to transfer their assets into cryptocurrency and gold bars. Over a five-month period, the victims complied and completed several deliveries of gold bars, worth more than $2.3 million.

With assistance from detectives in New York, Montgomery County Department of Police Financial Crimes Section detectives identified Shah as one of the couriers who received a delivery of gold bars worth over $83,000 and obtained a warrant for his arrest.

This case was the first reported scam of this type to Montgomery County Police, the department said, although several other residents have been victims of scams involving gold bars.

Related: 4th Arrest In $3M Gold Bar Scam That Targeted MOCO Residents