Three arrested in $1.5 million elder fraud scam with victims in North Texas and beyond, police say
A scam that allegedly defrauded more than 75 older Texans out of $1.5 million has led to the arrest of three men, McKinney police said.
Prakash Krishnaraj, 58, is charged with making a false statement to obtain property. Christian Bolding, 31, and Eric Ell, 23, face charges of financial abuse of the elderly and making a false statement to obtain property or credit. All charges are felonies.
Victims across North Texas cities, statewide
Victims were reported in the North Texas cities of McKinney, Allen, Wylie and Frisco.
"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," McKinney Police Chief Joe Ellenburg said. "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."
Six-month investigation leads to arrests
The arrests followed a six-month investigation.
Operating under the names Precision Home Pros and Krishnaraj Construction, the suspects allegedly approached victims in retail stores and other public places, offering to lower their phone, cable and service bills. They installed low-cost streaming and security devices as part of the pitch.
Forged loans tied to devices, police say
Police said the suspects then used electronic signature platforms to forge long-term loan agreements ranging from $13,000 to $32,500. Victims were unknowingly responsible for 20-year loans with interest.
Funds funneled through shell companies
Funds were deposited into accounts controlled by the suspects, affiliated shell companies, or businesses linked to the scheme, while victims were left to repay the loans, police said.
