Washington Resident Nearly Loses $200,000 After Alleged Fraudsters Posed as Federal Agents

Two men have been arrested after allegedly impersonating federal agents in an attempt to steal more than $200,000 in gold from an 85-year-old Washington, DC, resident.

Chu Lin, 50, of Fresh Meadows, New York, and Xiean Cheng, 42, of Cornelius, North Carolina, were taken into custody after authorities say they arrived at the victim’s home to collect the gold, reports the New York Post.

They are now facing charges of second-degree financial fraud.

According to the Metropolitan Police Department (MPD), the scheme started July 8th when the victim received messages from people claiming to be federal agents. The alleged scammers continued the ruse through phone calls, telling the elderly man that the money in his bank account was at risk of being lost.

The fraudsters allegedly instructed the victim to protect his funds by converting more than $200,000 into gold bars and handing them over to the supposed federal agents.

The victim followed the instructions and attempted to purchase the gold, but the dealer recognized signs of a scam and warned him before the transaction could be completed.

The gold dealer then reached out to MPD’s Financial and Cyber Crimes Unit and the FBI.

Authorities say Lin and Cheng later went to the victim’s residence to collect the gold bars, where officers from MPD’s Violent Crime Suppression Division arrested them.

The case remains under investigation.

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The post Washington Resident Nearly Loses $200,000 After Alleged Fraudsters Posed as Federal Agents appeared first on The Daily Hodl.