FBI agents announced a sweeping investigation into scams targeting 660 people across the United States who lost more than $48 million, including 10 Wisconsinites who lost more than $500,000.
FBI Baltimore made the announcement and described the case as full-scale organized fraud and crime.
The FBI also worked with an agent in India and India’s Central Bureau of Investigation to close three call centers and arrest six leaders linked to the scam.
From one Maryland victim to hundreds nationwide
The investigation started with one tip from a victim who lost $1.7 million in gold in a scam in Montgomery County, Maryland, in the summer of 2024.
FBI Agent Jeremy Capello said investigators were able to link that single victim to hundreds of others across the United States.
The case eventually connected victims in multiple states, including Wisconsin, where 10 victims lost more than $500,000.
How the call center scheme worked
According to investigators, callers in India typically posed as tech support workers or federal agents.
They convinced victims that their bank accounts had been hacked or that their money was at risk, then pushed them to move funds into cryptocurrency, wire transfers, cash, or gold for supposed safekeeping.
The method used to extract funds often depended on the victim’s ability to complete a particular transaction.
Gold scams and courier pickups
One major method involved convincing victims to convert cash into gold.
After the victim purchased gold, the scammers sent a courier to pick it up.
Investigators said a significant portion of the gold was sent to New York City for sale in the diamond district, then converted back into funds that could be transferred overseas.
A hierarchy inside the call centers
Authorities described a structured hierarchy inside the call centers.
At the base level, day-to-day workers made calls and tried to get the initial hook into the victim.
When money entered the conversation, the call could be handed off to second-level managers or closers who pushed the victim to transfer funds by wire transfer, cryptocurrency, or other means.
Above them were call center managers responsible for budgets, operations, and the larger organization of the fraud activity.
A major overseas enforcement step
Authorities often arrest alleged couriers involved in collecting cash or gold from victims.
This case appears to represent a larger enforcement step because investigators connected the fraud to call center operations overseas and worked with Indian authorities to close them.
The shutdown of three call centers and the arrests of six leaders marked a significant move against the infrastructure behind the scams.
Warning signs for victims
The scam relied on fear, urgency, and impersonation. Victims were told their accounts were hacked, their money was unsafe, or that they needed to follow instructions from supposed officials.
Any caller who tells someone to move money into cryptocurrency, wire cash, buy gold, or hand valuables to a courier should be treated as a scammer.
- Unexpected calls claiming to be from tech support or federal agencies
- Claims that your bank account has been hacked or frozen
- Pressure to move money quickly for safekeeping
- Instructions to buy cryptocurrency, wire funds, withdraw cash, or purchase gold
- A courier being sent to collect money, gold, or valuables
- Requests to keep the situation secret from family, banks, or police
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