NY Jewelry Boss Accused of Customs Fraud
March 05, 24(IDEX Online) - The owner of several jewelry companies in New York City's Diamond District has been accused of evading customs duties on millions of dollars of goods imported from Turkey and India.
Monishkumar Kirankumar Doshi Shah, aka "Monish Doshi Shah," 39, of Mumbai, India and Jersey City, USA, has been charged with one count of conspiracy to commit wire fraud and one count of operating and aiding and abetting the operation of an unlicensed money transmitting business, according to the US Attorney's Office.
He is accused of shipping goods to a company he owns in South Korea, changing their country of origin labels and evading the 5.5 per cent duty that would have been payable if they were sent direct to the US.
"Shah would also make and instruct his customers to make fake invoices and packing lists to make it look like Shah's South Korean companies were actually ordering jewelry from Turkey or India," said the Attorney's Office.
He is also accused of operating of an unlicensed money transmitting business through numerous purported jewelry companies in New York City's Diamond District from July 2020 through November 2021, including MKore LLC (MKore), MKore USA Inc. (MKore USA), and Vruman Corp. (Vruman).
He allegedly used these entities to conduct millions of dollars in illegal financial transactions for customers - including converting cash to checks or wire transfers.
Shah was released on $100,000 bond, with home detention and location monitoring after appearing before the Newark federal court.