After arresting three suspects for their involvement in a $1.5 million elder fraud scheme, North Texas authorities are warning people across the state to be on the lookout for fraudsters, particularly those targeting older adults.
According to a Tuesday news release, the McKinney Police Department arrested three individuals—Prakash Krishnaraj, 58; Christian Bolding, 32; and Eric Ell, 24—for allegedly running a large-scale fraud scam targeting elderly Texans under the guise of Precision Home Pros.
The suspects allegedly approached victims, usually over the age of 65, and persuaded them to switch to their home services “in exchange for promised savings.” The fraudsters would then install low-cost home streaming and security services before fraudulently utilizing the victim’s electronic signatures to “open long-term loans ranging from $13,000 to $32,500—without their knowledge.”
According to authorities, funds from these loans were allegedly put into the suspects’ accounts, leaving the victims accountable for repaying 20-year loans with interest. On Tuesday, CBS News reported that the scam purportedly embezzled nearly $1.5 million from over 75 elderly Texans.
Authorities stated that, while the majority of the victims identified are from the Dallas-Fort Worth area, “the full scope of this operation may be even larger.” To assist in preventing additional elderly Texans from being defrauded, authorities have issued a warning on what to look for when doing bank transactions for potential scams:
- Unsolicited offers to lower your phone, cable, or security bills
- Promises of “free” streaming or security devices
- Requests to sign digital documents without giving you a full copy
“If you or someone you know was approached by Precision Home Pros or Krishnaraj Construction, contact the McKinney Crime Tip Line at 972-547-3480 or email [email protected],” authorities said. “If you live outside of McKinney, please contact your local police department.”
