Police in Simi Valley have arrested a 21-year-old man from Los Angeles County as part of an ongoing investigation into a “large-scale” financial scam operation targeting at least one elderly resident.
On March 19, officers from the Simi Valley Police Department arrested Ruishan Liu of West Covina for his alleged role in the scheme.
The Chinese-born suspect is accused of targeting an elderly Simi Valley resident and “manipulating” them into withdrawing and handing over $200,000 in cash by claiming it was part of a bank security measure.
The victim, authorities said, would transfer funds to people they believed were bank representatives but were in fact scammers.
The crimes eventually got the attention of the Simi Valley Police Department who, with assistance from Ventura County’s Organized Retail Theft Task Force, deployed a sting operation to catch Liu in the act.
At an undisclosed location, Liu arrived to collect a decoy package that he was told was filled with a large amount of cash that the victim had recently withdrawn.
When he arrived, officers arrested him and took him into custody. He’s remained at the Ventura Main Jail since his arrest as he awaits felony charges for his involvement in the scam.
Authorities did not say if there are additional co-conspirators or if Liu acted alone.
His arrest, according to police, sheds more light on the growing trend of financial scams targeting vulnerable victims, often scaring them into willingly handing over substantial amounts of money to thieves. The scams range in complexity and often involve the use of cryptocurrencies or gift cards, but can also come in the form of a simple withdrawal like the one in this recent arrest.
“The Simi Valley Police Department encourages the public to exercise caution and skepticism with unsolicited requests involving financial transactions,” officials said.
For a list of common financial scams and warning signs to look out for, visit the FBI website. You can also report online scams through the Internet Crime Complaint Center.
Liu is being held on $150,000 bail and is due in court on April 10.