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An Indian man who ran a jewelry company in New York was sentenced to 30 months in prison for importing more than $13.5 million worth of jewelry and illegally processing $10.3 million in an illegal money transfer operation . . U.S. Attorney Vikas Khanna pleaded guilty before Monish Kumar Kiran Kumar Doshi Shah (40) of Mumbai, New Jersey, and U.S. District Judge Estelle Salas of Jersey City, New Jersey, saying he charged him with conspiracy and Operation. Fraud and facilitation of the operation of unlicensed money transfer companies. In addition to the prison sentence, the judge ordered the restitution of $742,500 for the wire fraud and the forfeiture of $11,126,982.33 for the wire fraud and unauthorized fund transfers. The court also ordered two years of supervised release. According to court documents, from December 2019 to approximately April 2022, Shah engaged in a scheme to evade obligations to ship jewelry from Turkey and India to the United States.
He instructs and/or directs conspirators to ship goods from Turkey and India. It will be one of its businesses in South Korea, although shipping directly to the U.S. will incur tariffs of about 5.5%. The Korean conspirators changed the labels on the jewelry to indicate that they came from South Korea rather than Turkey or India and sent them to Shah or his customers in the United States, federal prosecutors later said. Create fake packaging to make them look like its Korean The company actually orders the jewelry from Turkey or India. He also ordered an outside shipping company to provide U.S. Customs and Border Protection with false information about the jewelry's origins. During the specified period, Shah shipped approximately $13.5 million worth of jewelry from South Korea to the United States without paying the appropriate deposits.
Additionally, from July 2020 to November 2021, Shah operated multiple jewelry businesses in New York's diamond district and used these businesses to illegally collect more than $10.3 million for his customers. Shah also collected cash from customers and used other private jewelry companies to convert cash into wire transfers and cheques.
