AUSTIN, Texas — A man has been arrested in Comal County after allegedly facilitating a crypto fraud scam that targets elderly victims.
According to the New Braunfels Police Department, officers were dispatched to the 1100 block of Lime Gruene Road on March 6, where an elderly man reported he had been targeted by a scam.
The man told police he had received an email about fraudulent activity on a cryptocurrency account. The email contained instructions on how to reverse the fraudulent activity, which included allowing a third-party to access his computer remotely.
The scam continued by requiring the resident to withdraw a large sum of money, with arrangements made for a courier to pick up the cash.
Realizing it appeared to be a scam, the man called police before giving away any money.
On March 7, New Braunfels police set up an operation where they waited for the courier to come collect the money from the man’s residence. Once he arrived, police took him into custody.
Police identified the man as 25-year-old Chaopeng Huang from San Lorenzo, California. He was charged with exploitation of the elderly, financial abuse of the elderly between $2,500 and $30,000 and possession of a controlled substance.
Huang was released after he posted a $25,000 bond on March 9.
The New Braunfels Police Department Criminal Investigation Division is continuing to investigate the scam and those responsible. The U.S. Department of Homeland Security is assisting in the investigation, and additional arrests and charges may be pending.