Federal and State Authorities Raid Three Jewelers in $50 Million Gold Scam

Federal, state and local authorities executed coordinated search warrants on Feb 25–26, 2026 at three jewelry-related businesses identified in reporting as Malani/Milani Jewelers in Richardson, Texas; Milani/Malani Jewelers on DeKalb Industrial Way in Decatur, Georgia; and Orlando Gold Refinery in Altamonte Springs, Florida, as part of a probe into an alleged “gold bar scam” that targeted primarily senior citizens. Collin County Sheriff Jim Skinner was quoted by local television saying, “We’ve seized close to $100 million in additional gold items.”

Investigators say the network posed as law enforcement and contacted victims by email and text, telling seniors their bank accounts were hacked or that they faced legal trouble, then pressuring them to withdraw savings, purchase gold bars and hand the bars to couriers for “safekeeping.” CBS reporting described more than 200 known victims and said the scheme victimized hundreds, primarily older adults. A daughter of a retiree in Little Elm, Texas told CBS, “It cleaned out his retirement savings,” saying her father lost $2 million and later died in November without recovering funds.

Authorities allege couriers transported purchased bars to jewelry stores and refineries where the gold was melted to hide its origin and recast, particularly into bracelets, for sale to unsuspecting customers or for export. WFTV reported months of digital forensics and multi-agency coordination led investigators to the Altamonte Springs refinery. JCK cited earlier late-January enforcement actions that targeted Tilak Jewelers in Irving and Saima/Samai Jewelers in Frisco, with prosecutors quoted in local reporting alleging Tilak purchased stolen gold and passed it to Samai or Saima for melting.

Arrest and seizure numbers vary across reports. CBS said there have been about 20 arrests tied to the nationwide probe. WLTX and 11Alive/WXIA reported Skinner’s office has made 19 arrests in Texas and that investigators removed dozens of boxes filled with jewelry and gold from the stores. JCK reported one person from each of the three recently raided stores had been arrested, and WLTX attributed the “close to $100 million” seizure figure to Sheriff Skinner while CBS described the operation as involving more than $50 million worth of gold.

Industry officials urged vigilance. Scott Guginsky, executive vice president of the Jewelers’ Security Alliance, told JCK, “Everything told to JSA is kept confidential. 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.” JCK noted that the jewelers that were raided could not be reached for comment.

The investigation traces to an uptick in scams reported to Collin County in early 2025 and has proceeded through coordinated federal, state and local work and digital forensics. As officials continue executing warrants and compiling inventories, the case remains active and investigators say they are working to identify victims, reconcile seizure totals and pursue additional arrests and charges. Sheriff Skinner urged families to speak with older relatives, saying, “There’s never going to be a circumstance - ever - where law enforcement will call you and solicit your money.”