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."

McKinney Police Department

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. 

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Three arrested in $1.5 million elder fraud scam with victims in North Texas and beyond, police say 

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 

Scams are getting smarter — is your facility ready?

by John O'Connor

There’s a new kind of threat targeting your residents. 

It won’t show up on vitals, carry an infection risk or trip wandering alarms. But it can wipe out life savings and destroy trust. If left unaddressed, it can also put your facility at risk for financial, reputational and regulatory consequences.

The US Senate Special Committee on Aging’s 2025 fraud report, “Age of Fraud: Scams Facing Our Nation’s Seniors,” paints a troubling picture. Older Americans lost $4.8 billion to scams in 2024, up from $3.4 billion the year before.

What’s behind this surge? A powerful new accomplice: artificial intelligence. Scammers are cloning voices, creating fake videos, and impersonating relatives or officials with unnerving realism.

The FBI reported $16.6 billion in cybercrime losses last year, a 33% jump. Cryptocurrency scams targeting older adults accounted for nearly $3 billion. Peer-to-peer payment fraud — via apps like Zelle, Venmo and CashApp — added another $391 million.

This isn’t just a consumer protection issue. When a scam targets someone in your care, it becomes your operational problem. If a resident’s funds are drained, rent and care payments may stop. If a cognitively impaired resident believes they’re in danger, that anxiety becomes a care disruption. And when a scam goes undetected, tough questions can follow — from families, ombudsmen and regulators.

So, what’s an operator to do?

Start by treating scam prevention as part of your resident safety strategy. Train frontline staff to recognize red flags: urgent requests, secrecy, odd financial behavior, or shifts in mood or trust. If they can spot fall risks, they can learn this too.

Also, keep families in the loop. Yes, they’re busy — but they need to be informed about current scams, especially AI-driven ones.

And don’t forget to review your policies. Does your abuse prevention or incident reporting protocol mention financial exploitation? Do staff know when and how to escalate concerns? If not, now’s the time to update.

This threat isn’t going away. AI, cryptocurrency and social media are making scams more common and harder to detect.

Scammers are evolving. Skilled nursing providers must do the same. Preventing a mess is almost always easier than cleaning one up. 

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Scams are getting smarter — is your facility ready?