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Indian-origin man charged in $8M gold bar scam
Investigators said the scheme originated from a call center based in India.
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Malvika Choudhary - Tue, 31, Mar 2026
- 15:44 EDT
- 14
Representative image / IANS
An Indian-origin man has been federally charged in connection with a conspiracy that allegedly defrauded elderly victims of more than $8 million through a gold bar scam in the United States.
Raj Chauhan, 33, was indicted along with Monarch Sachdev, 28, and Elon Harper, 27, on a charge of wire fraud. Chauhan appeared in U.S. District Court in St. Louis and pleaded not guilty after his arrest in northern Illinois. The other two defendants were arrested in February in Maine and Texas, respectively.
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According to the indictment, co-conspirators operating outside the United States contacted elderly victims through phone calls and electronic messages, falsely claiming that their financial accounts had been compromised.
Victims were instructed to liquidate savings and retirement funds, purchase gold bars or coins, and hand them over to individuals posing as government couriers.
Prosecutors allege Chauhan, Sachdev and Harper acted as couriers in the scheme, with Sachdev also coordinating pickups carried out by others, including his co-defendants.
In one instance cited in the indictment, Sachdev allegedly directed Chauhan to collect gold from an elderly resident in Cedar Hill, Missouri, who had been told she mistakenly received funds via PayPal and would face tax consequences unless she purchased $200,000 in gold.
The indictment states that Chauhan conducted pickups in St. Louis and other locations. Harper is accused of collecting packages in multiple states, including Texas, Missouri, South Carolina, Florida and Oklahoma. Sachdev allegedly managed pickup operations in Houston; Canon City, Colorado; Quincy, Illinois; and St. Louis.
Detention motions allege that Sachdev personally retrieved fraud proceeds on at least 65 occasions, resulting in losses of at least $5.4 million, and facilitated an additional $4.2 million in collections by others. Harper is alleged to have conducted at least 20 pickups.
Investigators said the scheme originated from a call center based in India.
The case was investigated by the Federal Bureau of Investigation. Assistant U.S. Attorney Gwen Carroll is prosecuting.
Wire fraud carries a maximum penalty of up to 20 years in prison, a fine of up to $250,000, or both. Restitution is mandatory if a defendant is convicted.
Authorities said the charges are allegations and that all defendants are presumed innocent unless and until proven guilty in court.
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