Two Indian-owned jewelry stores in Texas—Tilak Jewelers and Saima Jewelers—are at the centre of a massive gold laundering case that has shocked the local community.
Authorities seized millions of dollars’ worth of cash and gold during coordinated raids on Thursday, and three people were arrested in connection with the alleged $55 million scam.
The raids come at a sensitive time, with anti-Indian sentiment already heightened due to ongoing H-1B–related investigations in Texas, making the development particularly distressing for the Indian-American community.
According to CBS News Texas, which had exclusive access to the operation, the seizures followed a year-long investigation conducted by the Collin County Sheriff’s Office in coordination with federal authorities.
Investigators allege that the store owners were involved in a sophisticated “gold bar scam” targeting elderly victims.
Authorities say the scam worked through threatening emails sent to senior citizens, falsely claiming their names were linked to serious crimes.
Victims were warned of imminent arrest unless they purchased gold and handed it over to couriers. Investigators allege that portions of this gold were then sold to the two jewelry stores, melted down, and converted into jewelry—mainly bracelets.
The finished pieces were either sold to unsuspecting customers or smuggled out of the country, with everyone involved taking a cut.
The raids, carried out around noon on Thursday, involved dozens of officers from county, federal, state, and local agencies, who conducted tactical searches at both locations in Irving and Frisco.
Commenting on the operation, Jim Skinner, the Collin County Sheriff, said authorities would take a zero-tolerance approach to fraud targeting residents.
During the year-long probe, a special task force arrested several suspected couriers across the Dallas–Fort Worth area.
Investigators believe nearly 200 senior citizens—most aged 65 and above—from Collin County alone were victims, with more than $7 million allegedly stolen from their retirement savings. Two arrests were made at the Irving store and one at the Frisco location.
The investigation is ongoing, and authorities are expected to make further disclosures as the case progresses.