Indian Man Gets 15 Years In $6 Million Elder Fraud Case

India-West News Desk

CHICAGO, IL -An Indian citizen living in Illinois has been sentenced to 15½ years in federal prison without parole for his role in an elder fraud conspiracy that caused millions of dollars in losses to older Americans.

Syed M. Makki, 38, worked as a courier in the scheme, which involved victims liquidating savings and retirement accounts to purchase gold bars, coins and cash, according to federal prosecutors.

U.S. District Judge Greg Kays ordered Makki to serve the prison sentence, pay $4,754,000 in restitution, and forfeit seized gold and related proceeds.

According to court records, the conspiracy operated from 2023 through March 2024 and targeted victims between the ages of 61 and 80.

Prosecutors said victims first received malware pop-ups on their computers displaying fraudulent phone numbers. When victims called, conspirators falsely posed as Microsoft employees, bank representatives, government workers and law enforcement officials.

Investigators said the callers convinced victims that their identities or finances had been compromised and that their money was unsafe in bank accounts.

According to prosecutors, victims were instructed to withdraw money from bank and retirement accounts and use the funds to purchase gold bullion. In some cases, victims were told to package the gold and address it to the “Department of Justice” under a specific name to make the requests appear legitimate.

When the gold was delivered to victims’ homes, prosecutors said couriers including Makki collected the assets and transported them across state lines to co-conspirators.

Federal authorities said Makki picked up 16  gold bars worth more than $1 million from victims in Colorado and Missouri on March 25 and 26, 2024. He was arrested the following day in Illinois while transporting the gold, according to investigators.

Authorities said at least 12 identified victims lost more than $6 million in the scheme.