Three people have been federally charged and arrested in St. Louis for allegedly participating in a conspiracy that defrauded elderly victims of $8 million through a gold bar scam, according to a March 25 announcement.
The case highlights ongoing concerns about financial scams targeting older adults, often resulting in significant financial losses and emotional distress.
Raj Chauhan, Monarch Sachdev, and Elon Harper were each indicted on one count of wire fraud on Feb. 4. The indictment alleges that co-conspirators based outside the United States contacted elderly victims by phone or electronic messages, falsely claiming their financial accounts had been compromised. Victims were instructed to liquidate savings and retirement funds, purchase gold bars or coins, and then hand them over to individuals posing as government couriers.
According to the indictment, Chauhan, Sachdev, and Harper acted as couriers collecting the gold from victims across several states. Sachdev also managed pickups for other couriers including his co-defendants. In one example cited in court documents, an elderly Cedar Hill resident was told she owed taxes after allegedly receiving money via PayPal by mistake; she was then persuaded to buy $200,000 worth of gold which was collected by Chauhan acting as a courier.
Detention motions allege that Sachdev personally retrieved fraudulent proceeds at least 65 times amounting to losses of at least $5.4 million and facilitated pickups totaling another $4.2 million by others involved in the scheme. Harper is accused of making at least 20 pickups across various locations including Texas, Missouri, South Carolina, Florida, and Oklahoma; Chauhan operated primarily in St. Louis but also elsewhere.
Authorities say the call center where this scam originated is located in India. Wire fraud carries penalties up to 20 years imprisonment and fines up to $250,000; restitution is mandatory if convicted.
The FBI investigated the case while Assistant U.S. Attorney Gwen Carroll is prosecuting it. Officials remind readers that charges are merely accusations until proven guilty: “Every defendant is presumed to be innocent unless and until proven guilty.” They encourage anyone aged 60 or older who has experienced financial fraud to contact the National Elder Fraud Hotline at 1-833-FRAUD-11 for support.
