Jewelry store raids in Irving, Frisco linked to $55 million gold scam targeting seniors.

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Two simultaneous raids on jewelry stores on Thursday in Irving and Frisco were the culmination of a year-long investigation by the Collin County Sheriff's Office and federal authorities. The jewelry store owners are accused of laundering gold originally purchased by elderly victims of fraud and handed over to couriers who are operating scams in the DFW area and across the country. CBS News Texas had exclusive access to Thursday's tactical raids that ended with millions of dollars in cash and gold seized from Tilak Jewelers in Irving and Saima Jewelers in Frisco. Dozens of officers from the Collin County Sheriff's Office, along with federal, state and local police, conducted tactical raids on the stores, suspected of taking gold fraudulently obtained from elderly victims of a scam, and melting it down into bracelets and other items which are then sold to unsuspecting customers, or smuggled out of the country. "You call Collin County and you go to defraud our citizens, we're going to come get you, that's just the bottom line," said Collin County Sheriff Jim Skinner. Yearlong investigation Since early last year, a task force set up by the Collin County Sheriff's Office began arresting suspected couriers from around DFW. They are charged with being part of a scam that starts with emails to elderly victims alerting them that their names have been associated with committing criminal acts and threatening them with arrests if they don't buy gold and hand it over to couriers. Authorities say the stores have been buying some of that gold from the couriers and melting it down into jewelry, primarily bracelets. Everyone involved in what's known as the "gold bar scam" got a cut. "The suspects convinced victims were under federal investigation and instructed them to comply with specific instructions under strict secrecy for all the obvious reasons," Skinner said. "The victims, they were directed to liquidate their assets or purchase large quantities of gold and precious metals." Millions of dollars in cash and gold seized More than $7 million has been stolen from the retirement savings of around 200 Collin County victims, all over the age of 65, and more than $55 million total has been taken from victims across the state. Collin County Victims lost $7,283,342.78 Texas Victims lost $55,000,000 "These are extremely difficult cases to investigate," said Skinner. Skinner, who is in Washington to speak about the case and elderly fraud on Friday, says more than $400,000 has been recovered and returned to victims. He's hoping Thursday's raids will make that number grow much higher

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