McKinney police arrest 3 after uncovering alleged elderly fraud scheme
McKINNEY, Texas - McKinney police arrested three people allegedly connected to a large-scale fraud scheme targeting elderly residents in Texas.
What we know:
Police recently arrested 31-year-old Christian Bolding, 23-year-old Eric Ell, and 58-year-old Prakash Krishnaraj.
Bolding and Ell are now charged with financial abuse of the elderly. All three suspects are charged with making false statements to obtain property or credit.
The backstory:
Investigators said the suspects operated under the business names of Precision Home Pros and Krishnaraj Construction.
They allegedly approached their elderly victims in retail stores in McKinney, Allen, Frisco, and other parts of the state, promising to help them lower their cable, phone, and security service bills.
The suspects then used electronic signature platforms to fraudulently transfer the victims' signatures onto long-term loan agreements without their knowledge or consent, investigators said.
The false documents helped the suspects collect thousands of dollars in loan disbursements, while the victims were left responsible for making payments on the 20-year loans.
Investigators identified about 75 victims across the state during their six-month investigations. In total, they lost about $1.5 million.
Featured
5 Texans sentenced up to 40 years for $17M fraud scheme, including romance scams
Five people from Texas were given lengthy federal prison sentences Monday for their roles in an elaborate, transnational fraud scheme that swindled approximately $17 million from victims worldwide, including vulnerable elderly individuals.
What they're saying:
"The scope of the fraud involved in this case suggests that the operation may be far more expansive than what has been uncovered so far," said McKinney Police Chief Joe Ellenburg. "This highlights the growing threat of financial exploitation targeting older adults. We are committed to working with partner agencies across Texas to stop these crimes and protect vulnerable populations."
What's next:
Police said their investigation is still ongoing and that there may be additional victims.
Potential victims should contact the McKinney Police Department’s Crime Tip Line at 972-547-3480 or crimetipline@mckinneytexas.org.
The Source: The information in this story was provided by the McKinney Police Department.