An elderly Grimes couple lost substantial savings before law enforcement stepped in, KIMT reported, culminating in an undercover sting that caught a Chicago man picking up a lockbox filled with $73,620 in gold coins at the victims’ home.
Polk County District Court sentenced 28-year-old Ali Mohammed Murtuza Syed to probation and ordered him to repay $83,763.42 to the victims. Syed pleaded guilty to conspiracy to commit a non-forcible felony for his role as a courier in the elder fraud scheme.
The Iowa Insurance Fraud Bureau and Polk County Sheriff’s Office launched their investigation in October 2025 after the couple reported the financial fraud scheme, according to KIMT. Investigators used an active phase of the scam to set up the undercover operation that led to Syed’s arrest at the residence.
Physical courier pickups represent an increasingly aggressive tactic used by organized scam rings targeting seniors, Matt Mortvedt, bureau chief for the Iowa Insurance Division’s Fraud Bureau, told KIMT. To prevent victims from figuring out the deception beforehand, these syndicates use misleading messages to cause alarm and send out runners—either from the area or from other states—to collect valuable metals and currency.
The fraud bureau notes that these schemes typically begin with fake computer warnings claiming compromised devices or financial accounts. Fraudsters then pose as federal agents, legal authorities, or tech company representatives, instructing targets to withdraw cash, buy gold, and surrender it to a courier.
Legitimate financial institutions and law enforcement agencies never send a courier to collect money or valuables. The Iowa Insurance Fraud Bureau urges Iowans, particularly older adults and their families, to remain vigilant against these tactics.
KIMT reported that individuals who believe they or someone they care about has been targeted should reach out to local police or submit a complaint to the Iowa Insurance Division Fraud Bureau by calling 515-654-6464.
