BPD Elder Fraud Investigation $1.4 Million
A 2024 Bradenton Police Department Elder Fraud Unit investigation into a gold bar scam that
cost an 80-year-old veteran $1.4 million is tied to a nationwide elder fraud conspiracy, with one
co-conspirator recently sentenced to 15½ years in federal prison, according to federal
prosecutors.
BPD’s investigation began in 2024 after the victim reported losing approximately $1.4 million,
his life savings.
The victim told detectives that in February 2024, two men arrived at his home claiming to be
U.S. Customs and Border Protection agents. They informed him there was a warrant for his
arrest and said a supervisor would contact him.
For approximately one month, the victim was contacted by a woman claiming to be a
supervisor who told him she could help resolve his legal issues if he assisted with an
investigation. She instructed him to convert his money into gold bars and provide them to her
“agents.” Believing he was assisting law enforcement, the victim purchased approximately $1.4
million in gold bars in three separate transactions and delivered them to individuals at
predetermined locations.
BPD detectives traced the victim’s money to a Georgia woman, Swetaban Patel. Patel was
arrested in April 2024 and charged with grand theft. She later agreed to cooperate with federal
authorities against her co-conspirators.
Detectives also identified a second suspect, Syed M. Makki. Investigators determined Makki
may have been one of the individuals posing as an “agent” and interacting directly with the
victim.
By the time Patel was arrested, Makki was already in custody in Illinois. He had been arrested in
March 2024 after authorities said he was transporting gold bars collected from other victims
through conspirators in Colorado and Missouri.
Last week, a federal judge sentenced Makki to 15½ years in prison for his role in the conspiracy
and ordered him to pay $4,754,000 in restitution and forfeit the gold bars.
According to federal prosecutors, between 2023 and March 31, 2024, conspirators used
computer malware to direct potential victims to fraudulent phone numbers. Once victims
called, members of the conspiracy posed as Microsoft employees, banking officials, government
employees, and law enforcement officers.
Victims were told their identities had been compromised and that their money was no longer
safe in financial institutions. They were instructed to liquidate bank and retirement accounts,
purchase gold bars or coins, and turn over those assets for “safekeeping” to individuals involved
in the scheme, including Patel. The gold was then transported across state lines.
Federal prosecutors have identified 12 victims to date who collectively lost more than $6
million through the fraud scheme.
For information on the Bradenton Police Department Elder Fraud Unit, as well as resources to
protect yourself against common scams, visit Bradentonpd.com/Elder-Fraud-Unit. Printed
resource guides are also available at BPD Headquarters, 100 10th St. W., Bradenton
