A Telugu-origin man based in Texas has been arrested for his alleged role in a massive $55 million scam that targeted elderly Americans. Authorities say the fraud primarily focused on senior citizens across multiple counties.
Year Long Probe Leads to Arrest
Radhakrishna Yerramneni, aged 46, was arrested by the Collin County Sheriff’s Office after a year-long investigation. Officials claim the scheme deliberately targeted elderly victims.
Raids at Jewellery Stores in Texas
The arrest followed coordinated raids at Tilak Jewelers and Saima Jewelers on Thursday. Police allege these locations were used to process gold obtained through scams.
Gold and Cash Seized as Evidence
During the raids, authorities seized large quantities of gold and cash. These assets were taken as evidence and are believed to be linked directly to scams that preyed on senior citizens.
Four More Indian Origin Accused Held
Along with Radhakrishna, four other Indian-origin individuals were arrested. They include Pranjal Jigneshkumar Patel, Simarjeet Singh Gill, Satish Amrutlal Kumar Patel, and Arpit Desai.
Serious Charges Filed Against Accused
All five accused are facing charges related to financial exploitation of the elderly and large-scale theft. Investigators say the operation involved organised criminal activity.
Prior Arrests Add to Case Severity
Court records reveal that Radhakrishna was previously arrested on October 23 last year. He has now been booked on multiple counts, including organised criminal activity and financial abuse of senior citizens.
Bail Set at $4 Million
Given the seriousness of the allegations, the court set his bail at $4 million. Officials cited the scale of the alleged racket while determining the amount.
Hundreds of Seniors Affected
Authorities estimate that nearly 200 senior citizens above the age of 65 were affected in Collin County alone. Across Texas, total losses are believed to have crossed $55 million.
Partial Recovery So Far
So far, around $400,000 has been returned to victims. Officials believe more funds may be recovered once the seized gold and assets are sold, as the investigation continues.
