Three accused of fraud targeting dozens of older adults across North Texas

Over 75 potential victims have been identified statewide, and the estimated financial impact is $1.5 million. 

By Alexis Garcia

McKinney police have arrested three people in connection with a large-scale financial exploitation scheme targeting older adult victims across the state of Texas, including in McKinney, Allen, Wylie, Frisco, and Lago Vista.

An investigation revealed that the suspects approached older adult victims at retail stores and public locations, offering to reduce their cable, phone, and security service bills.

Victims were misled into switching to existing service providers in exchange for installing low-cost streaming and security devices. The men then used electronic signature platforms to fraudulently transfer the victims’ signatures onto long-term loan agreements without their knowledge or consent.

These false documents were submitted to various financial institutions, resulting in loan disbursements ranging from $13,000 to $32,500. Funds were deposited into accounts controlled by the suspects, affiliated shell companies, or businesses linked to the scheme, while the victims were left responsible for repaying 20-year loans with interest.

Throughout a six-month investigation, more than 75 potential victims have been identified statewide, including eight in McKinney. The total estimated financial impact of the scheme is approximately $1.5 million so far.

Police identified the suspects as 31-year-old Christian Bolding, 23-year-old Eric Ell, and 58-year-old Prakash Krishnaraj. Investigators said the trio also operated under the business names Precision Home Pros and Krishnaraj Construction.

All three suspects were charged with false statements to obtain property or credit. Bolding and Ell have also been charged with financial abuse of the elderly. 

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Three accused of fraud targeting dozens of older adults across North Texas