A 42-year-old Cornelius man faces second-degree financial fraud charges after Washington, D.C., police say he and another man posed as federal agents to steal more than $200,000 in gold from an 85-year-old victim.
The Metropolitan Police Department announced Saturday, Aug. 8, that Xiean Cheng of Cornelius and Chu Lin, 50, of Fresh Meadows, New York, were arrested at the victim's D.C. home when they allegedly arrived to collect gold bars the elderly man had been pressured into buying, Fox News reported.
The scheme began July 8 when scammers contacted the victim by email and later by phone, claiming to be federal agents, according to MPD. They told the man his bank funds were "in jeopardy of being lost" unless he converted the money to gold bars and handed them to couriers.
The victim attempted to purchase more than $200,000 in gold. A gold dealer recognized the red flags and warned him he was being scammed, police said. That dealer then contacted MPD's Financial and Cyber Crimes Unit and the FBI.
When Lin and Cheng allegedly showed up at the victim's home to retrieve the gold, officers with MPD's Violent Crime Suppression Division made the arrests.
Gold courier scams surging nationwide
The arrests come as gold courier scams surge across the country. The FBI reported more than $262 million in losses from such schemes between January and October 2025, according to data obtained by Hearst Television. The NYPD Financial Crimes Task Force said it has documented hundreds of victims in New York City alone, with losses exceeding $100 million, ABC News reported.
"The amount of money they're getting from some of these victims is very, very staggering, $9 million on one shot, $5.8 million in another case," Sgt. Rashawn Vaughn of the NYPD Financial Crimes Task Force told ABC News on Aug. 6.
What residents should know
The FBI warns that no legitimate U.S. government agency or bank will ever ask someone to buy gold and arrange for a courier pickup. The scam typically starts with a phone call, email, text or alarming computer pop-up from someone claiming to represent a bank or federal agency such as the FBI, IRS or Federal Trade Commission.
Residents who suspect they or a family member have been targeted can file a report with the FBI's Internet Crime Complaint Center at ic3.gov. Anyone 60 or older who has been a victim of financial fraud can call the National Elder Fraud Hotline at 1-833-372-8311.
