Jewelers Raided in Three States in Gold Scam Probe

By Rob Bates | February 26, 2026

Jewelry stores in Texas, Florida, and Georgia were raided yesterday, as authorities investigate whether the jewelers purchased gold scammed from elderly victims.

A news release from the Collin County Sheriff’s Office in McKinsey, Texas, said search warrants were executed against three stores—Malani Jewelers in Richardson, Texas; Malani Jewelers in Decatur, Ga.; and Orlando Gold Refinery in Altamonte Springs, Fla.—as “part of the ongoing organized fraud investigation involving the laundering and melting of gold tied to what is commonly referred to as the ‘gold bar scam.’”

The scheme targets “victims, often senior citizens, [who] are contacted by individuals impersonating law enforcement or regulatory officials and are pressured into withdrawing funds, purchasing gold, and transferring those assets to couriers under false pretenses. Investigators allege that portions of that gold were later processed, melted, or otherwise handled through affiliated businesses,” said the release.

A sheriff’s office spokesperson tells JCK that three people were arrested on Wednesday: two in the Florida store, and one in Texas. The raids uncovered more than $50 million worth of gold, according to CBS News.

In late January, the Collin County Sheriff’s Office, working with state and federal officials, raided two Texas jewelers—Tilak Jewelers in Irving, and Saima Jewelers in Frisco—that are also allegedly involved in the scam.

Local station NBC 5 says prosecutors claim that Tilak Jewelers purchased the stolen gold, then gave it to Samai Jewelers, which melted it down. One person from each store has been arrested, according to the sheriff’s office.

Scott Guginsky, executive vice president of the Jewelers’ Security Alliance (JSA), expects that law enforcement will continue to act against jewelers who may have been involved in the gold bar scheme.

And he warns that, in this era of high prices for precious metals, jewelers should be extra careful when buying off the street.

“Jewelers who have been in the business for some time know when something’s too good to be true,” Guginsky tells JCK. “If you are an experienced jeweler and you’re buying goods for far less than market value, for pennies on the dollar, that can be used against you in criminal court.”

Any jeweler who buys secondhand goods from the public should “keep proper records, request identification, have the required licenses, make sure they keep the items for the time required by their state, and have video recordings of any transactions,” Guginsky says.

He recommends that if jewelers are approached by people trying to sell large quantities of jewelry and suspect something is amiss, they should contact law enforcement or JSA.

“Everything told to JSA is kept confidential,” says Guginsky. “Notifying us or law enforcement is the best way to protect yourself. It could lead to the arrest of people who target the jewelry industry, and you don’t want criminals approaching your store.”

The jewelers that were raided could not be reached for comment.

(Photo: Getty Images)