An Illinois man has admitted in federal court to participating in a scheme that targeted elderly victims and convinced them to liquidate their savings and retirement accounts to purchase gold bars, coins, and cash.
Syed M. Makki, 37, an Indian citizen, pleaded guilty before U.S. District Judge Greg Kays to one count of conspiracy to commit wire fraud. According to his plea, between 2023 and March 2024, Makki served as a courier for the group by collecting gold bullion and cash from victims and delivering it to co-conspirators.
The scheme operated by installing malware on victims’ computers that displayed a phone number. When victims called the number, they were falsely told by conspirators—posing as Microsoft employees, banking officials, government employees, or law enforcement officers—that their identities had been compromised and their money was not safe in banks. Victims were often led to believe they were helping law enforcement.
After gaining the trust of mostly elderly victims, conspirators instructed them to liquidate bank and retirement accounts and use the proceeds to buy gold bullion in the form of bars or coins. The gold would then be delivered to the victim’s home. Conspirators directed victims to hand over the gold for “safekeeping” to a co-conspirator such as Makki.
In some cases, conspirators told victims to package the gold and address it as if sending it to the “Department of Justice” under a specific name—intended to reinforce the impression that official authorities were involved. Makki and others would pick up these packages containing gold or cash and transport them across state lines.
On March 25 and 26, 2024, Makki collected sixteen one-kilogram gold bars—valued at more than $1 million—from victims in Littleton, Colorado, and Kansas City, Missouri. On March 27, he transported these bars into Illinois for delivery but was arrested while still in possession of them by local law enforcement officials.
Authorities have identified ten victims so far who collectively lost more than $6 million through this scheme.
Makki faces up to twenty years in federal prison without parole for conspiracy to commit wire fraud; however, sentencing will be determined by the court after consideration of advisory guidelines and other statutory factors following a presentence investigation by the United States Probation Office.
“This case is being prosecuted by Assistant U.S. Attorney Kathleen D. Mahoney,” according to information provided by prosecutors. “It was investigated by the Federal Bureau of Investigation, the Kansas City, Missouri Police Department, the Douglas County, Colorado Sheriff’s Department, the Illinois State Highway Patrol, and the Morgan County, Illinois Sheriff’s Department.”
