FRIENDSWOOD, Texas – Six people have been arrested in connection with a multi-million-dollar gold scam that targeted elderly people across Texas, according to the Friendswood Police Department.
Investigators say the case began in December 2025, when an 81-year-old Friendswood resident was scammed into converting $766,000 into 177 one-ounce Canadian Gold Maple Leaf coins after a caller falsely claimed to be a federal employee and told the victim their financial accounts were compromised.
Police later determined a similar scheme had been used earlier in September 2025, when a 76-year-old Friendswood resident lost $134,000.
Through the investigation, police identified multiple suspects and eventually recovered $766,000 worth of gold coins belonging to the Friendswood victim.
Friendswood police say the following six people have been arrested and charged in connection with the organized fraud operation:
- Smitaben Thakor, 43, of Sugar Land – arrested Dec. 29, 2025, on a Galveston County warrant for Theft from an Elderly Person. Bond set at $1 million.
- Samirali Ghabrani, 48, of Missouri City – arrested Dec. 31, 2025, and charged with Theft of Property $300,000. Bond set at $1 million. Authorities say he is also being held on an immigration hold at the Galveston County Jail.
- Mudassir Iqbal Lakhani, 35, of Richmond – arrested after a search warrant was executed at a home in Richmond. Charged with Theft of Property $300,000 with a $5 million bond.
- Iqbal Ibrahim Lakhani, 60, of Richmond – arrested at the same residence and charged with Theft of Property $300,000. Bond set at $5 million.
- Zohaib Muhammad, 39, of Kingwood – arrested March 4, 2026, during a search warrant execution in Kingwood. Charged with Theft of Property $300,000 (Engaging in Organized Criminal Activity) with a $5 million bond.
- Samir Ali, 36, of Atascocita – arrested during a traffic stop near his home on a warrant for Theft of Property $300,000 (Engaging in Organized Criminal Activity) with a $5 million bond.
Investigators executed multiple search warrants during the investigation.
During a search at a residence in the 17900 block of Carluke Court in Richmond, police say they recovered 157 of the 177 stolen gold coins belonging to the Friendswood victim, along with evidence tied to the fraud operation.
Police also executed a search warrant at a Houston jewelry business located at 100 Sharpstown Center, where additional evidence related to the scheme was seized.
Authorities later located and recovered the remaining stolen gold coins from a residence in Missouri City on Feb. 2, 2026.
Additional victims identified across Texas
During the investigation, police identified four additional victims in Humble, Cypress, Cleburne, and New Braunfels.
Officials say those victims collectively lost about $1.9 million, bringing the total losses tied to the operation to approximately $2.8 million. Investigations into those cases remain ongoing as authorities work to identify additional victims and uncover the full scope of the operation.
Friendswood police say they are also pursuing asset forfeiture proceedings targeting property believed to have been purchased with proceeds from the scheme, including luxury vehicles, large amounts of cash, and high-end jewelry.
Friendswood Police Chief Josh Rogers said investigators worked quickly to protect victims and recover stolen assets.
“The Friendswood Police Department’s quick and precise actions in this case reflect our unwavering dedication to protecting our community, especially our elderly residents who are often targeted by criminals,” Rogers said.
How the scam works
Police say the nationwide “gold theft” scam typically begins with scammers calling victims from overseas call centers, often impersonating federal agents, bank investigators, or representatives of major companies.
Victims are told their finances are at risk or they are under investigation and are instructed to convert their savings into gold as a form of protection. A courier is then sent to collect the gold using a password system before the funds are moved through laundering networks and transferred internationally.
Friendswood police urge residents to remain vigilant and encourage family members to check in with elderly loved ones to help prevent them from becoming victims.
Anyone who believes they or a loved one may have been targeted by this scam is urged to contact local law enforcement.