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New Jersey Jewelers Settle for $1 Million Over Gold Import Undervaluation October 04, 2023 (0 comments)


Woodbridge, NJ--Iqbal Virani and Aqib Virani, the proprietors of 21st Millennium in Woodbridge, have consented to pay a fine of $1 million to settle claims of evading U.S. Customs duties on imported gold jewelry.

[Image via Wikimedia Commons]

The announcement came from U.S. Attorney Philip R. Sellinger, shedding light on the malpractice involved in undervaluing imported merchandise to dodge substantial customs duties.

According to a report by My Central Jersey, the duo, specializing in South Asian jewelry, it allegedly provided Customs officials with commercial invoices that reflected the cost of jewelry manufacture, deliberately omitting the actual cost of the gold, jewels, and other integral components.

This undervaluation led to an evasion of $401,852 in customs duties, as per the statement from the U.S. Attorney’s Office.

The report noted that, under the settlement agreement, 21st Millennium, along with the Viranis, will pay $1 million to the federal government.

This settlement corresponds to the malpractice between January 1, 2017, and March 31, 2020, where 21st Millennium was the recorded importer on over 80 customs entries, each comprising jewelry manufactured abroad.

The true value of the imported jewelry was not disclosed to the U.S. Department of Homeland Security, Customs and Border Protection, bypassing the rightful customs duties.r

Learn more in the entire report on My Central Jersey.

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