Police said the woman claimed to have been robbed of about $135,000 in jewelry while walking Wednesday along the Magnificent Mile but detectives reviewed surveillance video footage from the area Thursday and determined it did not match the woman's story, the Chicago Tribune reported Friday.
The woman had claimed she was robbed by a group of six to eight young men.
"Chicago police have determined that the reported Michigan Avenue robbery of a 68-year-old woman (Wednesday) is unfounded. Detectives confronted the victim with inconsistencies between her account of the incident and recovered video, and learned that the story was not true," police said in a statement.
Police said they have yet to determine whether the woman will face charges of filing a false police report.