Collin County Sheriff Leads Raids at Frisco, Irving Jewelers in $55M Scam

Dozens of officers executed simultaneous tactical raids at Tilak Jewelers in Irving and Saima Jewelers in Frisco, seizing “millions of dollars” in cash and gold that investigators say was tied to a large-scale fraud targeting elderly residents. Collin County Sheriff Jim Skinner called the operation the culmination of a year-long probe into courier networks and fraud schemes that drained retirement accounts across Texas.

Investigators allege fraudsters convinced seniors they faced federal investigations, then instructed victims to liquidate assets or buy large quantities of gold and precious metals and hand them to couriers. The couriers allegedly delivered that gold to the two jewelry stores, where officials say some metal was melted into bracelets and other items for resale or smuggling out of the country. Authorities confiscated all inventory on display and in store vaults and used a Brinks armored truck to transport the seized material.

Three people were arrested during the raids - two at the Irving location and one at the Frisco location. A Telugu-origin publication named Radhakrishna Yerramneni, 46, as among those arrested, while U.S. law enforcement outlets did not identify suspects by name in their initial reports. Formal charges and the full identities of those arrested have not been released in public charging documents available so far.

The Collin County investigation has sought to build cases not only against couriers but against businesses alleged to have laundered fraudulently obtained gold. Sheriff Skinner said, “You call Collin County and you go to defraud our citizens, we're going to come get you, that's just the bottom line.” He added that these matters are complex, noting, “These are extremely difficult cases to investigate.” Skinner also stressed the human cost, saying, “In this case, this has been life savings, one person was taken for over $1 million, and I mean cash money.”

Local impact figures compiled by reporters show roughly 200 Collin County victims, all aged 65 or older, lost more than $7 million in retirement savings. Yahoo/Dallas Express Media reported a precise local total of $7,283,342.78. Statewide losses tied to the scheme have been reported at more than $55 million. The sheriff told reporters “more than $400,000 has been recovered and returned to victims” so far, and officials say the restitution total may grow as seized assets are processed and forfeiture actions proceed.

The task force was formed early last year and worked with multiple federal, state and local partners during the probe, including city police departments, Texas DPS, the Department of Homeland Security Office of Inspector General, the U.S. Postal Inspection Service and federal immigration and customs authorities. Prosecutors and asset managers will now inventory, appraise and seek forfeiture of seized property so victims can be reimbursed, though no timetable has been announced.

For Collin County seniors and families, the raids are a reminder that high-pressure threats and instructions to buy precious metals can be hallmarks of fraud. Sheriff Skinner will speak in Washington about elder fraud, and the investigation remains active. Officials urge anyone who believes they have been targeted to contact the Collin County Sheriff’s Office so investigators can follow up and pursue restitution.