Chicago Man Arrested for Conspiracy Related to Gold Bar Scam

Des Moines - Ali Mohammed Martuza Syed of Chicago, IL, was charged yesterday with one count of Conspiracy to Commit Non-Forcible Felony (Class D Felony) following an investigation by the Iowa Insurance Division's Fraud Bureau and the Polk County Sheriff's Office related to fraudulent computer virus scams.

"These scams specifically target older Iowans and we continue to work numerous investigations involving this computer virus scheme as well as a variety of other scam schemes," Iowa Insurance Division Fraud Bureau Chief Matt Mortvedt said. "We are dedicated to working with all local, state, and federal law enforcement agencies to protect Iowans' hard earned money by disrupting these scammers' operations to ensure it is not profitable to target Iowans."

The charges against Syed stem from an investigation that began earlier this month. According to criminal complaints filed by the Iowa Insurance Division's Fraud Bureau, Syed conspired with others to commit theft against an older individual. As part of the scam, Syed attempted to retrieve gold from the victim at a location near Grimes but was confronted by officers. Syed attempted to flee the scene in his vehicle but was apprehended.

Syed was arrested on October 15 and is currently being held at the Polk County Jail.

Note: A criminal charge is merely an accusation. Defendants are presumed innocent until proven guilty.

Fraudulent computer virus scams are being seen by law enforcement throughout Iowa. Iowans need to be aware of how the scam works.

• Step 1: The scam generally starts as an alert to a computer virus or a fraudulent charge notification on the victim's computer or phone from what appears to be well-known companies.
• Step 2: The alerts provide a number to call for assistance and after contacting the number, victims are told by the scammer that their identity or accounts are tied to criminal activity and the victim is transferred to a scammer posing as a federal agent.
• Step 3: The victims are told by the scammer posing as a federal agent that their accounts have been compromised and they need to safeguard their assets with the Federal Reserve or similar entity during the investigation.
• Step 4: The victim is told they are part of a confidential investigation and are instructed to not discuss with or to lie to their financial institutions, family and friends. The victim is also often told to download software on their devices that allow the scammers to have access to the victim's financial accounts, personal information and location.
• Step 5: The victim is directed by the scammer to purchase gold, withdraw cash, or purchase gift cards.
• Step 6: The victim is directed to provide the funds to a scammer posing as a federal agent or to ship the funds to an address provided by the scammers.

Iowans can view resources and learn more about this and other scams and how to protect themselves and others at iowafraudfighters.gov. The Iowa Insurance Division's Senior Financial Exploitation team is available to assist Iowans with questions or to help provide resources and can be reached at 515-654-6464 or via email at [email protected].

Iowans with information about insurance or securities fraud are encouraged to contact the Iowa Insurance Division's Fraud Bureau at 515-654-6556.

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