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Mumbai-to-Jersey Fraud: Jeweler Sentenced in $13.5 Million Tariff Case January 27, 2025 (0 comments)

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New York, NY--A jeweler who ran multiple companies in New York City’s Diamond District was sentenced to two-and-a-half years in prison after admitting to evading customs duties on over $13.5 million worth of jewelry imported from Turkey, according to a report by NJ.com. Monishkumar Kirankumar Doshi Shah, also known as Monish Doshi Shah, 40, of Mumbai, India and Jersey City, pleaded guilty to conspiracy to commit wire fraud and operating an unlicensed money transmitting business.

[Image via istockphoto.com]

Prosecutors said that between December 2019 and April 2022, Shah imported jewelry from Turkey through South Korea, where it was relabeled to avoid a 5.5% tariff. Rather than shipping goods directly to the United States, Shah used his South Korean company to change the labels, making it appear that the goods originated in South Korea, NJ.com reported.

Authorities stated that Shah instructed customers to create fake invoices and packing lists to make it appear that his South Korean company had purchased the goods from Turkey and India. He also had a third-party shipping company provide false information to U.S. Customs and Border Protection regarding the jewelry's origin.

In addition to tariff evasion, Shah operated an unlicensed money-transmitting business from July 2020 to November 2021. Prosecutors said Shah used his companies to process over $10.3 million in illegal transactions, converting cash into checks or wire transfers. He also used other jewelry businesses to funnel cash and move hundreds of thousands of dollars in a single day.

As part of his sentence, Shah was ordered to pay $742,500 in restitution for the wire fraud scheme and forfeit over $11 million. He must also serve two years of supervised release after his prison term, NJ.com noted.

Shah’s attorney, Rahul Agarwal, expressed disappointment with the sentence but acknowledged the court’s decision. In a statement to NJ Advance Media, Agarwal said, “Monish’s involvement in this activity ended over three years ago, well before the Government brought charges. He is extremely remorseful. He thanks his family and friends for their continued support, and he looks forward to returning to India upon completion of his sentence.”

Read the report by NJ.com here.