Police: Fremont medical professional scammed out of more than $2 million

"FREMONT Scammers claiming to be federal and state agents fleeced a man out of more than $2 million over a year after falsely telling him he was being investigated for money laundering and drug trafficking, authorities said. No arrests have been announced in the case, which was reported to police Sept. 25. Because the investigation is still ongoing, only some details about the case have been released. Police said the victim is a 52-year-old man who is a working medical professional whose funds were in investment and bank accounts."

"The man told police the scam began in April 2024 when he was contacted by telephone and text messages from people claiming to be investigators with the FBI, IRS and Medical Board of California. They accused him of being involved in money laundering and drug trafficking, police said. He said he was told his assets were being confiscated and the caller convinced him to move them into an external wallet in the form of cryptocurrency, police said."

"The scammer assured him the funds were being kept in a safe custody account owned by the FBI and that the funds would be returned once his case was settled. Between April 2024 and May 2025 the man reported making 17 transactions into the safe custody account of more than $2 million in fund transfers and cryptocurrency purchases, police said. Police have not said if the man ever actually met personally with the suspects or saw their faces through a video call."

A 52-year-old medical professional reported losing more than $2 million over a year to scammers impersonating FBI, IRS and Medical Board investigators. Scammers contacted him by phone and text beginning in April 2024, accused him of money laundering and drug trafficking, and said his assets were being confiscated. He was instructed to move funds into an external cryptocurrency wallet described as a FBI "safe custody" account and told the money would be returned after the case concluded. Between April 2024 and May 2025 he made 17 transactions totaling over $2 million. When he contacted the actual agencies he found no investigations; phone numbers used by the scammers were disconnected and no arrests have been announced as the investigation continues.

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