Indian Arrested In Unique Gold Scam In U.S.

A federal grand jury has indicted Gaurang Contractor in connection with a conspiracy for convincing a Massachusetts victim to convert her bank account funds into gold after claiming her accounts had been compromised by drug traffickers.

Gaurang, 38, is a citizen of India living in New Jersey and was indicted on one count of conspiracy to commit wire fraud. While he was arrested on state charges on August 8, 2022, Gaurang will appear in federal court in Worcester, Mass, on December 16, 2022.

The accused had posed as one ‘Oscar White’ from US Drug Enforcement Administration (DEA) and contacted the victim in August 2022. After advising her to withdraw the amount from her account, he gave the name of a jewelry store in Hadley, Mass, where the victim could purchase gold. She was then directed to leave the gold in an unlocked vehicle and was told that a court officer would come to pick up the gold for safekeeping.

Once the victim followed instructions, Gaurang Contractor took the two buckets of gold and put them in his car, to be arrested later. The charge will mean 20 years in prison, three years of supervised release, and a fine of up to $250,000. However, Gaurang will be presumed to be innocent till proven guilty.