New York men charged in $750K gold scam targeting elderly Illinois woman

CHICAGO - Two men from New York are facing felony charges after allegedly scamming an elderly Illinois woman into buying $750K in gold bars.

Suburban Gold Scam Bust

What we know:

On Feb. 24, staff at BTRC Coin and Gold in Lincolnshire alerted police to a potential scam after an elderly woman purchased $750,000 worth of gold bars.

Lincolnshire police officers questioned the woman and recognized signs of fraud.

She told police she bought the gold to give it to someone who claimed to be a government employee and threatened to arrest her unless she paid.

The suspect also arranged to pick up the gold from the victim the next day, police said.

On Feb. 25, Lincolnshire police, the North Regional Major Crimes Task Force and the FBI arrested two people in connection with the scam.

Arrests Made :

Chen Xinwei, 34, and Tangchao Huang, 55, both of Brooklyn, New York, were charged with attempted theft of more than $500,000 but less than $1 million, a Class 2 felony.

(From left) Pictured is Chen Xinwei and Tangchao Huang. (Lincolnshire PD )

Both appeared in court Wednesday.

What they're saying:

"We commend our local business BTRC for their vigilance and quick action in recognizing a potential scam and alerting our department. Their awareness and willingness to get involved helped prevent a predatory crime and serious financial loss to a member of one of our most vulnerable populations. This serves as an important reminder that these types of crimes are happening everywhere, and the bad guys are constantly looking for new ways to take advantage of others. We urge everyone to remind their loved ones and friends about these scams, stay informed, and never hesitate to reach out to law enforcement if something doesn’t seem right," said Chief of Police Joseph Leonas.

What we don't know:

It's unknown when Xinwei and Huang will reappear in court.

The investigation into the incident is ongoing.