Man arrested at JFK while boarding Saudi Arabia flight over alleged $250 million senior gold scam

Muzamil Ahmed was preparing to board a flight to Jeddah when authorities arrested him at New York’s John F. Kennedy International Airport. The 35-year-old was instead taken into custody and returned to Tarrant County, Texas.

Tarrant County District Attorney Phil Sorrells said Ahmed played a central role in an international fraud network accused of stealing more than $250 million from elderly victims. A grand jury indicted him on Aug. 28 on two counts of financial abuse of the elderly. He also faces charges including organized crime, theft and money laundering.

Investigators allege that Ahmed operated from New Jersey and created shell corporations to move money from the scheme. The alleged fraud relied on fear and urgency. Callers posing as bank representatives or federal agents told seniors that their accounts, Social Security numbers or other personal information had been compromised.

Victims were then instructed to withdraw their savings and convert them into gold, cryptocurrency or cash. In some cases, people posing as federal agents allegedly went to victims’ homes to collect the valuables. Authorities accuse Ahmed of handling a later stage of the money trail, routing stolen gold and cash through a Florida refinery, converting the assets into cryptocurrency and moving the money outside the United States.

The investigation has produced more than 40 indictments and identified over 200 victims. Authorities say the alleged network included couriers, call-center workers and jewelry businesses accused of melting stolen gold into jewelry to make it harder to trace. Tarrant County authorities said one victim died by suicide after allegedly losing $2 million, but the supplied report ends before detailing further consequences.