Three people have been federally charged in St. Louis for allegedly participating in a conspiracy that defrauded elderly victims of $8 million through a gold bar scam, according to a March 25 announcement.
The case is significant as it highlights ongoing efforts to protect seniors from sophisticated financial fraud schemes. Authorities say the accused targeted older individuals across multiple states, convincing them to liquidate their savings and retirement funds under false pretenses.
Raj Chauhan, 33, Monarch Sachdev, 28, and Elon Harper, 27, were each indicted on Feb. 4 with one count of wire fraud. Chauhan pleaded not guilty after appearing in U.S. District Court in St. Louis last Friday. All three were arrested outside Missouri: Harper in Maine, Sachdev in Texas, and Chauhan in northern Illinois.
According to the indictment, co-conspirators based outside the United States contacted elderly victims by phone and electronic messages claiming their financial accounts had been compromised. Victims were instructed to buy gold bars or coins and hand them over to supposed government couriers. The indictment alleges that Chauhan, Sachdev and Harper acted as couriers collecting these valuables from victims across several states; Sachdev also managed pickups by other couriers.
Court documents state that Sachdev personally retrieved fraud proceeds at least 65 times for losses totaling at least $5.4 million and facilitated another $4.2 million picked up by others involved in the scheme originating from an Indian call center. Harper is said to have made at least 20 pickups.
Wire fraud carries penalties of up to 20 years imprisonment and a fine of up to $250,000; restitution is mandatory if convicted. Officials remind the public that charges are merely accusations until proven guilty.
The FBI investigated this case with Assistant U.S. Attorney Gwen Carroll prosecuting it.
Authorities encourage anyone aged 60 or older who has experienced financial fraud to contact the National Elder Fraud Hotline at 1-833-FRAUD-11 for assistance reporting incidents or recovering losses.
