A 72-year-old Gulf Shore Boulevard resident who lost $2.29 million was the latest victim in a gold bar scam that’s targeted elderly people in at least 10 states. The woman, who lives in Windemere in The Moorings, believed she was under threat of arrest and that she was giving gold bars to a government agent. Naples Police arrested Soyeb Sarfaraz Rana, 25, of Plainfield, Connecticut, on March 21 and charged him with felony counts of conspiracy, scheme to defraud, fleeing and eluding and a misdemeanor count of possessing less than 20 grams of marijuana (two joints). He posted $11,000 bond and was ordered to surrender his U.S. passport.

Naples Police Lt. Bryan McGinn said this is the only case police know of in the city.

“The victim was contacted via the phone with a ruse about a federal warrant for her arrest unless she complied with what they told her. First, they were told that they had a warrant and had to pay to have the warrant reversed,” McGinn said of the woman and her 87-year-old husband. “After they paid for the warrant, they were told that they needed to buy gold to transfer to the fraudsters for safe keeping.”

Anyone in the city who has fallen victim to a similar scam is asked to report it to the Naples Police Department at 239.213.3000 or call 911, if it’s an active emergency.

Last August, the FBI’s Tampa office reported an uptick in complaints from senior citizens, who fell victim to a well-orchestrated cash and gold bar scheme.

“We’ve had victims report losses in excess of $300,000,” FBI Tampa Field Office Special- Agent-in-Charge Matthew Fodor said at the time. “These criminals follow a well-rehearsed script and are skilled at pressure tactics. Your best defense is to hang up on the scammers, never click on suspicious links and report it to law enforcement immediately.”

Gold bar scams on rise

Last year, the FBI reported receiving more than 350 complaints related to gold bar scams, with losses exceeding $126 million. As of late March, the price of gold has risen significantly. It’s worth about $3,075 per ounce, up from roughly $1,943 in 2023.

The U.S. Department of Justice reports that scammers use tech support and government impersonation scams to find victims and tell them to liquidate their assets into cash and/ or buy gold, silver or other precious metals to protect their funds. Fraudsters arrange for couriers to meet victims in person to pick up cash or precious metals, telling them they will “safeguard” those assets in a protected account on their behalf — but victims never hear from them again.

Some are contacted by phone, usually from a call center in India, while others received malicious pop-up warnings about viruses on their computers, telling them to call someone identifying himself as an FBI agent. Some received cybersecurity task force emails that warn their name was implicated and they need to secure personal funds through an FBI program that would place them in a secure deposit for “safekeeping.” Others are threatened with arrest for a non-existent crime.

The FBI advises not to click on links, turn off your computer and don’t answer fraudsters’ calls or emails — and consult with a trusted family member before making financial decisions.

In October, five people were indicted and arrested on federal wire fraud charges accusing them of stealing at least $8 million from elderly victims in at least 10 states, including Pinellas County. Among them was Chintankumar Parekh, 51, who was living in the U.S. illegally — a “handler” Rana told police he was working with.

The wire fraud conspiracy charge is punishable by up to 30 years in prison, a $1 million fine or both. The case was investigated by the FBI and Homeland Security Investigations in Tampa. The leaders — and most of the gold — are missing.

In January, a courier was arrested and another was awaiting extradition to Florida for gold-bar scams in Indian River Shores, Okeechobee and Fort Pierce.

Naples woman becomes suspicious

In the Naples case, the woman told police she gave gold to men who posed as government agents. One fraudster, “Logan,” convinced her through phone calls to withdraw funds from various sources, including Roth IRAs at Charles Schwab and Fidelity, a Bank of America savings account, Series I Savings Bonds and gold from a personal collection, according to Rana’s arrest report. She used those funds to purchase gold coins and gold bars from Lief’s Coin and Jewelry, at 9331 Tamiami Trail N., and Gold Center, at 2400 Tamiami Trail N.

Between Aug. 13 and Dec. 13, 2024, at “Logan’s” instructions, she packed gold into boxes and sent him photographs of the process. On seven occasions, a courier met her at her driveway to pick up the packages. In mid-January, she became suspicious and contacted Naples Police.

Detectives devised a plan — Operation Fool’s Gold — to identify and question a courier. They arranged a photo shoot of 30 oneounce gold coins worth $80,000 borrowed from a gold store.

On March 19, the woman sent that photo to “Logan,” who told her she’d get the rest of her money back once she provided the gold.

On March 21, “Logan” said he’d send a courier. Detectives gave the woman a weighted box, “fool’s gold.” As detectives waited, a 2023 Dodge Hornet with Florida plates pulled into the driveway, driven by a bearded Indian man —Rana — who was talking on a cellphone with the woman.

She gave him their codeword, “watch,” and he repeated it back to her. She then reached through the back window and placed the box on the seat.

After he drove off, detectives activated their emergency lights and sirens and stopped the car. An unmarked police car approached from behind, while two unmarked vehicles, with lights flashing, blocked the front of the car. But Rana drove around them and headed eastbound on Harbor Drive. Detectives ended the pursuit due to police policy.

Soon after, Detective Troy Mennig spotted the Hornet in the parking lot of The Moorings Golf & Country Club, at 2500 Crayton Road. Its hazard lights were on and both passenger-side windows were rolled down, but the driver was gone.

Detectives canvassed the area and found Rana, who waived his Miranda rights and agreed to speak to Mennig and Detective Timothy Dolan. Rana said in January, he was introduced to Chintan from India on WhatsApp and he provided instructions on how to meet many victims in Florida. Rana picked up packages, ensured gold was inside and called for a pickup. He flew to Florida, received $2,500 weekly and made 15-20 pickups.

Days earlier, he’d made a pickup in Clearwater and received $2,500. He said he was staying at a Tampa hotel when he was asked to collect the gold in Naples.

If you’ve been a victim of a financial crime, call your local law enforcement agency or report it to the FBI’s Internet Crime Complaint Center at ic3.gov or 1.800.CALL.FBI.