A jeweller of Indian origin, with operational bases in both Mumbai and New Jersey, has been formally accused in the United States of orchestrating a scheme to unlawfully circumvent customs duties on jewellery valued at millions of dollars imported into the country. Additionally, he faces allegations of engaging in unlicensed money transfer activities.
The individual in question, Monishkumar Kirankumar Doshi Shah, aged 39, was apprehended over the weekend and presented before US Magistrate Judge Andre M Espinosa in Newark federal court on February 26. Despite being granted release on a $100,000 bond, Shah's freedom is subject to stringent conditions, including home detention and location monitoring.
The charges levelled against Shah include a single count of conspiracy to commit wire fraud and one count of operating an unlicensed money transfer enterprise.
As per court filings, Shah purportedly masterminded a scheme spanning from January 2015 to September 2023, during which he allegedly devised strategies to evade customs duties on shipments of jewellery originating from Turkey and India to the United States.
According to the court documents, Shah allegedly rerouted goods from Turkey or India, subject to a 5.5% duty if directly shipped to the US, to a business entity under his control situated in South Korea. Reportedly, Shah's associates in South Korea would alter the labels on the jewellery to falsely indicate their origin as South Korea, thereby circumventing the duty. Subsequently, these modified shipments would be dispatched to Shah or his clientele in the US.
Moreover, Shah is accused of fabricating invoices and packing lists and encouraging his customers to do likewise, in an attempt to falsely assert that the jewellery had been procured from Turkey or India by his South Korean enterprises.
Furthermore, it is alleged that from July 2020 to November 2021, Shah purportedly operated several jewellery firms within New York City's Diamond District, including MKore LLC and MKore USA Inc. Allegedly, Shah accepted cash payments from customers and utilized these jewellery businesses to convert the cash into wire transfers or checks.
According to court documents, Shah reportedly collected sums exceeding a million dollars in cash on certain days. In exchange for these services, Shah purportedly levied fees.
Prosecutors have highlighted that none of Shah's businesses, nor those associated with him, were registered as money transfer enterprises with regulatory bodies in New York, New Jersey, or the Financial Crimes Enforcement Network (FinCEN).
The charges levelled against Shah underscore a convoluted nexus involving customs evasion, falsification of documents, and illicit financial transactions within the jewellery sector.
