MD Man Charged In Gold Bar Scam That Targeted Bethesda Resident

BETHESDA, MD — A Baltimore County man is facing charges after authorities said he scammed a Bethesda resident out of more than $1 million in gold bars.

Vipul J. Thakkar, 52, of Owings Mills, is charged with multiple counts of attempted theft in connection with a scam that targeted a 74-year-old man, Montgomery County police said in a news release.

According to police, the victim contacted authorities after seeing a news report of a woman losing nearly $1 million in a gold bar scam. The victim told police he received an email stating that a suspicious deposit was made into his bank account and was instructed by the sender to convert his money into gold to protect his assets.

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Police said the victim purchased more than $1.1 million in gold bars between March and June and arranged to have the bars picked up by the suspect's associates. After making a final purchase of $240,000 in gold bars, the victim saw the news report and contacted police, authorities said.

On Wednesday, police communicated with the suspect later identified as Thakkar and arranged to have the gold bars picked up at the victim's home. A detective posing as the victim delivered the package to Thakkar who got in a car and drove away.

Police stopped Thakkar and arrested him shortly after, authorities said.

Thakkar was taken to Montgomery County jail where he is being held without bond.