By 𝔸bdulrazak Tomiwa

Federal authorities have arrested 11 individuals in Southern California for a sophisticated “house stealing” scheme. The group targeted elderly homeowners, stealing their property titles to secure millions in fraudulent loans. This investigation, “Operation Hard Money,” uncovered a widespread identity theft ring.

The fraud focused on seniors in affluent Los Angeles neighborhoods like Santa Monica, Hollywood Hills, and Westwood. Between 2021 and 2023, the defendants allegedly stole personal data to seize control of high-value estates without the owners’ knowledge.

Ringleaders Nazaret Chakrian and Arnold Moradians reportedly used forged IDs and fake email accounts to impersonate the victims. By assuming these identities, they were able to communicate with private lenders and initiate massive loan applications in the victims’ names.

To secure these “hard money” loans, the suspects fabricated bank statements, rental agreements, and even fake death certificates. These documents helped them pose as legitimate agents or relatives, effectively tricking financial institutions into approving the high-interest loans.

The U.S. Attorney’s Office reported that the group attempted to steal a total of $17.4 million, with actual losses reaching $6 million. The illicit funds were laundered through a complex network of fraudulent businesses and “funnel” bank accounts.

The 11 suspects, hailing from Hollywood, Glendale, and Florida, face federal charges including conspiracy to commit wire fraud and money laundering. Several individuals are also charged with aggravated identity theft for their roles in the operation.

Officials from the FBI and IRS-CI warned that this case highlights the extreme vulnerability of elderly homeowners. The scheme not only caused massive financial losses for lenders but also threatened the lifelong equity and security of the senior victims.