💠 NJ man skipped customs duties for $13.5M in jewelry💠 Dodged payments by shipping to third nation💠 Another NJ jeweler was in on scheme, prosecutor says
A 39-year-old New Jersey man who ran jewelry companies in New York City’s Diamond District has admitted to a multi-million-dollar scheme to skip out on customs payments.
Monishkumar Kirankumar Doshi Shah, of both Jersey City and Mumbai, India, pleaded guilty on Tuesday in Newark federal court to conspiracy to commit wire fraud — as well as operating and aiding and abetting the operation of an unlicensed money transmitting business.
The jeweler, who also goes by Monish Doshi Shah, dodged customs duties for more than $13.5 million of imports into the country over a two-and-a-half year span, U.S. Attorney Philip Sellinger announced.
Newark federal court Google Maps
Newark federal court (Google Maps, Canva)
Fellow jewelers from Edison and Long Island, New York, were also part of the scheme, federal
prosecutors said in paperwork filed in Shah’s case.
Shah also illegally processed more than $10.3 million through an unlicensed money transmitting business, Sellinger said.
Turkey, India to South Korea (Google Maps, Canva, Townsquare Media Illustration)
(Google Maps, Canva, Townsquare Media Illustration)
Between December 2019 and April 2022, Shah would ship goods from Turkey or India to one of his companies in South Korea.
If the valuables had been shipped directly to the U.S., they would be subject to a 5.5% duty.
Instead, workers in South Korea would swap the labels on the shipments, saying they were from there, before shipping them the rest of the way.
South Korea to NJ, NY (Google Maps, Canva, Townsquare Media Illustration)
(Google Maps, Canva, Townsquare Media Illustration)
Shah would make fake invoices and packing lists to make it look like Shah’s South Korean companies were actually ordering jewelry from Turkey or India.
He also instructed a third-party shipping company to lie to U.S. Customs and Border Protection about where the jewelry was from.
Diamond District, Manhattan (Google Maps)
Diamond District, Manhattan (Google Maps)
From July 2020 through November 2021, Shah owned or operated numerous jewelry companies in Manhattan, including MKore, MKore USA and Vruman.
Shah used the stores to carry out more than $10.3 million in illegal financial transactions for customers, including converting cash to checks or wire transfers.
In exchange for their services, Shah or his staff charged a fee — at times, moving hundreds of thousands of dollars in a single day.
None of the companies were registered as money transmitting businesses with New York, New Jersey, or the Financial Crimes Enforcement Network.
As part of his plea deal, Shah agreed to pay back customs $742,500 for the wire fraud scheme — as well as give up $11.13 million for the wire fraud and unlicensed money transmitting schemes.
Sellinger credited cooperation by special agents and task force officers at the local, federal and international levels — including IRS – Criminal Investigation in Newark, Homeland Security agents in Newark and New York and U.S. Customs and Border Protection at Port of New York/Newark.
He also thanked federal Drug Enforcement Administration in Paterson, Parsippany-Troy Hills Police and Morristown Police, among other law enforcement agencies.
Prison corrections officers admit to beating inmates (US DOJ NJ, Canva)
(US DOJ, Canva)
When sentenced in federal court in January 2025, Shah faced up to 20 years in prison for wire fraud conspiracy.
He also faced up to five years for operating and aiding and abetting the operation of an illegal money transmitting business.
Each count was also punishable by a maximum fine of either $250,000 or twice the gain or loss from the offense, whichever is greatest.
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Publish date : 2024-09-11 10:11:00
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