Illinois man in custody, accused of defrauding Clear Lake victim out of $245K in gold

CLEAR LAKE — An Illinois man is in the Cerro Gordo County Jail after being accused of defrauding a victim in Clear Lake of $245,000.

A criminal complaint filed by the Clear Lake Police Department says that on May 30th, a 78-year-old victim was contacted by individuals who falsely claimed to represent the federal government.

The individuals used deception to convince the victim that a federal warrant would be issued for their arrest if they did not comply. Believing the threats to be true, the victim was coerced into purchasing $245,000 worth of gold bars, and then was instructed to transfer them in person to someone they were led to believe was a federal agent at his residence.

On that date, the victim received a password from the defendant, which was intended to confirm his identity as a federal agent. The defendant then took possession of the gold bars, defrauding the victim.

26-year-old Shoaib Ahmed of Charleston Illinois was arrested on Thursday in Douglas County Illinois on a warrant for first-degree theft against an older individual over $10,000, a Class B felony punishable by up to 25 years in prison. He has been transported to the Cerro Gordo County Jail, where he’s being held on $25,000 cash-only bond.