2024-02-28 07:58:31
An Indian jeweller based out of Mumbai and New Jersey has been indicted on allegations of illegally evading customs duties on millions of dollars’ worth of jewellery imported into the United States. He is also facing accusations of running unlicensed money transfer operations.
Monishkumar Kirankumar Doshi Shah, 39, was nabbed over the weekend and brought before US magistrate judge Andre M Espinosa in Newark federal court on February 26. He managed to secure release on a $100,000 bond but with strict conditions, including home detention and location monitoring.
The charges against Shah include one count of conspiracy to commit wire fraud and one count of operating an unlicensed money transfer business.
According to the court documents, it is stated that between January 2015 and September 2023, Shah schemed to dodge customs duties on jewellery shipments from Turkey and India to the US.
According to court documents, Shah sent goods from Turkey or India, which would have attracted a 5.5% duty if sent directly to the US, to one of Shah’s companies in South Korea.
Shah’s partners in South Korea allegedly tweaked the labels on the jewellery to make it appear as if they originated from South Korea, thus avoiding the duty. These altered shipments would then be sent to Shah or his customers in the US.
In addition to this, Shah stands accused of creating fake invoices and packing lists, and instructing his customers to do the same, to falsely claim that the jewellery was ordered from Turkey or India by his South Korean companies.
It’s further alleged that from July 2020 through November 2021, Shah allegedly operated multiple jewellery companies in New York City’s Diamond District, including MKore LLC, MKore USA Inc, Shah collected cash from customers and used jewellery companies to convert the cash into wires or checks.
Shah would sometimes get over a million dollars in cash in a single day. For providing these services, Shah purportedly charged a fee, according to the court documents.
Prosecutors point out that none of Shah’s or his associates’ companies were registered as money transfer businesses with authorities in New York, New Jersey, or the Financial Crimes Enforcement Network (FinCEN).
The charges against him involve a complex web of customs evasion, document falsification, and illicit financial dealings within the jewellery industry.
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