A New York man has been arrested in a scheme involving gold bars that scammed a Mainer out of more than $100,000.
Zhangqui Xie, 44, of Flushing, New York, has been charged with theft by deception, according to the Cumberland Police Department.
Police learned on March 5 that a Cumberland resident had been victimized in a “sophisticated online fraud scheme.” The fraudsters convinced them to convert various assets into more than $100,000 worth of gold bars, which were then given to a courier, Cumberland police said Wednesday morning.
The fraudsters continued to pressure the victim to obtain more assets, so police set up a sting operation during which Xie was arrested about 6 p.m. Monday on Wildwood Boulevard.
Xie was being held at the Cumberland County Jail in Portland on $500,000 bail.
If convicted, he faces up to 10 years in prison and a fine up to $20,000.