Telugu-Origin Man Arrested in Texas in $55 Million Elder Fraud Case
A Telugu-origin man has been arrested by the Collin County Sheriff’s Office in Texas in connection with a massive $55 million financial fraud that primarily targeted elderly residents. The accused, Radhakrishna Yerramneni (46), was taken into custody following a year-long investigation into the scam, which is estimated to have caused losses exceeding ₹505 crore.
The arrest followed coordinated raids at two jewellery establishments—Tilak Jewellers in Irving and Saima Jewellers in Frisco, both located in the Dallas–Fort Worth area. Authorities said the jewellery businesses were allegedly used to process gold obtained through fraud schemes aimed at senior citizens. During the raids, law enforcement officials seized significant quantities of gold and cash as evidence.
Investigators said the probe involved cooperation between local, state, and federal agencies. Along with Radhakrishna, four others—Pranjal Jigneshkumar Patel, Simarjeet Singh Gill, Satish Amrutlal Kumar Patel, and Arpit Desai—have also been arrested. They face charges including financial exploitation of the elderly and large-scale theft. Some cases are currently before a grand jury, while others are being examined under organised crime statutes.
According to court records, Radhakrishna was arrested on October 23 and charged with two counts of engaging in organised criminal activity and one count of financial abuse of an elderly person. His bail has been set at $4 million, with $2 million assigned to each organised crime charge.
Collin County Sheriff Jim Skinner said authorities remain committed to tracking down individuals who exploit senior citizens, noting that such crimes often go unreported due to fear or confusion among victims. Officials estimate that nearly 200 senior citizens were affected in Collin County alone, with losses exceeding $7 million. Across Texas, total losses are believed to have crossed $55 million. Authorities have already returned over $400,000 to victims and expect further recoveries once seized assets are liquidated.
