Montgomery County law enforcement partners have issued a new warning about a “gold bar” scam that steals residents’ life savings.

During a press conference Monday, Montgomery County State’s Attorney John McCarthy said the widespread scam with links to China and India surfaced in the region over the last year or so, leading to at least seven victims and five arrests.

How the scam works

People who pose as federal agents will cold call or use computer pop-up ads to lure a victim, typically seniors.

The thief then convinces the victim to convert their money into gold bars and meet up to hand it over to a federal agent for “safekeeping” at the U.S. Department of Treasury.

“This is organized crime at the highest level,” McCarthy said.

Law enforcement agencies and government officials will never contact you by phone with threats of arrest, fines or a request to collect gold or cash to safeguard your money, according to FBI Special Agent in Charge Bill DelBagno.

“People are losing their life savings, their homes, their trust, their security,” DelBagno said.

Five charged in Montgomery County

So far, seven victims who range in age from 61 to 94 have been identified, and five suspects have been charged.

Collectively, approximately $6.3 million in gold bars have been taken, according to Detective Sean Petty from the Montgomery County Police Department.

McCarthy said five people are currently facing charges in connection to four of the victims, but there could be more.

“We believe the total number of victims in our county alone is now close to 20, with millions more lost,” McCarthy said.

The suspects in these various cases are being held without bond after a judge found them to be flight risks.

Money likely won’t be recovered

Investigators said that money will likely never be recovered.

“We can make the arrest, but if we can prevent an individual from losing any amount of money from a cash pickup, from a cryptocurrency scam or from these gold bars, we would greatly appreciate it,” Petty said.

Progress is being made in tracking down the accused fraudsters.

If you suspect you may be in contact with a scammer, hang up and call your bank and local law enforcement agency to report right away.

WJZ is a media partner of The Baltimore Banner.