Six people have been detained in connection with an organized “gold bar” scam that officials claim duped at least six elderly victims in Texas for around $2.8 million.
One of the victims was an 81-year-old Friendswood homeowner who lost $766,000 before the majority of the funds were recovered.
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- 1 Texas gold bar scam targeted elderly
- 2 Police uncover multi-million dollar fraud operation
- 3 More suspects identified and arrested
- 4 Investigation into international fraud links
- 5 Charges, bond amount
Texas gold bar scam targeted elderly
The Friendswood Police Department stated that the investigation began in December 2025, when the 81-year-old victim was convinced to convert $766,000 into 177 one-ounce Canadian Gold Maple Leaf coins.
According to investigators, a fraudster acting as a federal employee informed the victim that their financial accounts had been compromised and encouraged them to buy gold to “protect” their assets.
Police uncover multi-million dollar fraud operation
Investigators then discovered that a similar operation had targeted a 76-year-old Friendswood homeowner in September 2025, resulting in a loss of $134,000. Early in the inquiry, police identified two suspects, one of whom drove to the victim’s home to take the gold.
Smitaben Thakor, 43, of Sugar Land, Texas, was arrested on Dec. 29, 2025, on a Galveston County warrant for larceny from an elderly person.
Shortly after, 48-year-old Samirali Ghabrani of Missouri City, Texas, was arrested on December 31, 2025, and charged with theft of property worth at $300,000 or more. According to authorities, Ghabrani is also being held on an immigration detainer at the Galveston County Jail.
As the inquiry progressed, investigators served search warrants at a Richmond residence and a Houston eatery. During a check of the Richmond property, authorities discovered 157 of the 177 gold coins stolen from the 81-year-old victim, according to police.
More suspects identified and arrested
Authorities also collected material related to what they described as a larger fraud scheme.
Mudassir Iqbal Lakhani, 35, and Iqbal Ibrahim Lakhani, 60, both of Richmond, were detained at their home and charged with theft of items worth $300,000 or more. Each has a bond for $5 million.
Investigators later executed a search warrant on Jan. 9, 2026, at a Houston jewelry store in Sharpstown, Texas, where they said they discovered additional evidence related to the conspiracy.
On February 2, 2026, police retrieved the remaining stolen gold from a Missouri City residence.
Officers executed another search warrant at a Kingwood property on March 4, 2026, with the assistance of the Montgomery County Sheriff’s Office and prosecutors .
Zohaib Muhammad, 39, of Kingwood, Texas, was arrested on charges of theft of property worth $300,000 or more and involvement in organized criminal activities.
Samir Ali, 36, of Atascocita, Texas, was detained on a similar charge following a traffic stop near his house. Both of their bonds were valued at $5 million.
Investigation into international fraud links
According to police, the investigation has found four new victims in Humble, Cypress, Cleburne, and New Braunfels who have lost a total of $1.9 million. Authorities said the larger probe is still ongoing and involves connections outside of the United States.
“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,” Police Chief Josh Rogers said in a statement, crediting coordination with local prosecutors and the FBI.
Charges, bond amount
According to the Galveston County District Attorney’s Office, all six suspects have been charged with first-degree felony theft with an enhancement for their involvement in organized criminal conduct.
Thakor and Ghabrani continue to be held on $1 million bonds, while the other four defendants are kept on $5 million bonds apiece.
Authorities advise residents to remain vigilant and to notify local law enforcement if they suspect they or a loved one have been targeted by a similar scam.
