Monishkumar Kirankumar Doshi Shah, 39, with bases in Mumbai and New Jersey, was arrested for allegedly evading customs duties on millions in jewelry imports to the US.
Charged with wire fraud conspiracy and running unlicensed money-transmitting operations, Shah appeared before US Magistrate Judge André M Espinosa in Newark federal court.
Released on a $100,000 bond with strict monitoring, he faces serious allegations.
From January 2015 to September 2023, Shah purportedly orchestrated a scheme to dodge duties on jewelry shipments from Turkey and India.
By shipping goods to his South Korean companies, he allegedly avoided the 5.5% duty.
Prosecutors claim Shah’s South Korean associates then relabeled the jewelry as South Korean origin, unlawfully evading duty.
Furthermore, Shah allegedly conducted illegal financial transactions through multiple jewelry firms in New York City’s Diamond District from July 2020 to November 2021.
Handling millions in cash, he and his associates allegedly converted cash into checks or wire transfers, charging fees for their services.
None of these entities were registered as money-transmitting businesses, according to prosecutors.
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