LI man accused of impersonating FTC agent to steal nearly $400K in gold bars from victim, 73

NEW YORK (1010 WINS/WCBS 880) – A Long Island man was arrested on Monday for allegedly impersonating a Federal Trade Commission official online and scamming a victim into giving him gold bars worth nearly $400,000, Nassau County police said.

Yash J. Shah, 25, was arrested for grand larceny that occurred in New Hyde Park, Hempstead, police said.

On June 6, a 73-year-old man received a notification on his computer stating that his device was compromised and that he needed to contact the provided number to protect his assets.

The victim contacted the unidentified person who claimed to work for the Federal Trade Commission. The suspect then instructed the victim to purchase six gold bars totaling nearly $390,000 from JM Bullion, according to police.

The victim agreed and bought the gold bars. Shortly after, an unknown man in an unknown vehicle came to the victim's residence to retrieve the gold bars.

Following an investigation by the Major Case Bureau, FBI and Suffolk County police, Shah was arrested.