Men Arrested for Attempting to Defraud Elderly Man in Gold Bars Scam

Two men who allegedly impersonated federal agents have been arrested in Washington, D.C. They are accused of attempting to deceive an 85-year-old man into parting with over $200,000 in gold bars. This information was reported by the Metropolitan Police Department.

The suspects, Chu Lin, aged 50, from Fresh Meadows, New York, and Xiean Cheng, aged 42, from Cornelius, North Carolina, were detained when they reportedly visited the victim’s residence to retrieve the gold. Both men face charges of second-degree financial fraud.

Police report details a case involving scammers impersonating federal agents. They instructed an 85-year-old man to protect his bank funds by purchasing gold bars worth more than $200,000.

The alleged scam commenced on July 8, beginning with scammers contacting the victim through email and later by phone, posing as federal agents. They claimed that his bank funds were at risk of being lost unless secured through buying gold bars and handing them over.

Convincing the victim of their authenticity, the elderly man attempted the purchase before a gold dealer noticed the suspicious nature of the transaction and notified him of the scam.

In a related case, the FBI has added an alleged COVID fraudster accused of stealing $5 million from a children’s meal program to its Most Wanted List.

The FBI supported the Metropolitan Police Department in investigating this scheme, which sought more than $200,000 in gold bars from the elderly victim.

The gold dealer, suspicious of the transaction, informed the Financial and Cyber Crimes Unit of MPD and the FBI about the potential scam.

When Lin and Cheng arrived at the victim’s home to collect the gold bars, officers from the MPD’s Violent Crime Suppression Division promptly arrested them, police reported.