Six Arrested in Multi-Million Dollar Gold Scam Targeting Elderly Texans

The Friendswood Police Department has arrested six individuals connected to a large-scale fraud scheme that targeted elderly victims across Texas and involved millions of dollars in gold.

The investigation began in December 2025 after an 81-year-old Friendswood resident was convinced by scammers posing as federal officials that their financial accounts had been compromised. The victim was instructed to convert their savings into gold, resulting in $766,000 being exchanged for 177 Canadian Gold Maple Leaf coins. Authorities later discovered that a similar scam had already targeted another 76-year-old Friendswood resident, who lost $134,000 in September 2025.

Detectives quickly identified suspects connected to the operation. Smitaben Thakor, 43, of Sugar Land, was arrested in December after investigators determined she traveled to the victim’s home to collect the gold. Shortly afterward, Samirali Ghabrani, 48, of Missouri City, was also arrested for his alleged role in the scheme.

As the investigation expanded, additional suspects were identified. Search warrants executed at a residence in Richmond, Texas, led to the recovery of 157 of the stolen gold coins and additional evidence tied to the fraud operation. Two more suspects, Mudassir Iqbal Lakhani, 35, and Iqbal Ibrahim Lakhani, 60, were taken into custody at the home.

Authorities later tracked the remaining stolen gold to a residence in Missouri City, where investigators recovered the rest of the coins. Additional arrests followed, including Zohaib Muhammad, 39, of Kingwood, and Samir Ali, 36, of Atascocita, who were taken into custody in connection with the organized operation.

All six suspects are now facing first-degree felony theft charges with an enhancement for engaging in organized criminal activity. Several of the suspects are being held on multi-million dollar bonds.

Police say the investigation also uncovered links to a Houston jewelry business, where additional evidence related to the fraud operation was seized.

Authorities have begun asset forfeiture proceedings, targeting property believed to have been purchased using the proceeds from the scam. Items under review include luxury vehicles, cash, and high-end jewelry.

During the investigation, four more victims were identified in Humble, Cypress, Cleburne, and New Braunfels, bringing the total known losses to approximately $2.8 million. Those cases remain under investigation as authorities work to determine the full scope of the operation, which investigators say may have connections outside the United States.

Officials say this type of fraud often begins with scammers impersonating federal agents or financial investigators, convincing victims their money is at risk and instructing them to convert their savings into gold for “protection.” Couriers are then sent to collect the gold before it is moved through international money-laundering networks.

Friendswood Police are urging families to talk with elderly relatives about common scam tactics and report suspicious activity immediately.

Anyone who believes they or a loved one may have been targeted by a similar scam is encouraged to contact local law enforcement.