CrimeSep 07, 2023
Amazon’s Antwerp Diamond Heist Series to Debut in October CrimeSep 12, 2023
5 in NYC Diamond District Charged in Illegal Money Transfer Scheme
The men allegedly moved more than $600 million by using their 47th Street jewelry businesses as fronts, the U.S. Attorney’s Office said.
Five men who allegedly operated businesses in New York’s Diamond District were arrested last week in connection with illegal money transfers.
Newark, N.J.—Five men who work in New York City’s Diamond District were arrested last week in connection with illegal money transfers, according to the U.S. Attorney’s Office, District of New Jersey.
The men arrested were: Raj Vaidya, 26; Rakesh Vaidya, 51; Shrey Vaidya, 23; and Neel Patel, 26, all of Edison, New Jersey; and 57-year-old Youssef Janfar, also known as “Joe Rodeo,” of Great Neck, New York.
They are each charged with one count of operating, and aiding and abetting the operation of, an unlicensed money transmitting business.
The men are said to have illegally processed more than $600 million, according to U.S. Attorney Philip R. Sellinger, using their various Diamond District businesses as fronts to conduct illegal financial transactions for customers—such as converting cash to checks or making wire transfers—in exchange for “substantial” fees.
They’ve operated numerous businesses in the Diamond District since 2019, including Arya Diamond Jewellery USA Inc. (doing business as Karats & Carats), Diamspark LGD LLC, Royal Diamonds LLC, Raj Gold and Diamond LLC, Royal Arya Jewellery Inc., and Raj Gold and Diamond Inc.
Janfar also operated a company called Rodeo of NY, d/b/a Sarah Jewels, according to the U.S. Attorney’s Office.
Related stories will be right here …
The men arrested were: Raj Vaidya, 26; Rakesh Vaidya, 51; Shrey Vaidya, 23; and Neel Patel, 26, all of Edison, New Jersey; and 57-year-old Youssef Janfar, also known as “Joe Rodeo,” of Great Neck, New York.
They are each charged with one count of operating, and aiding and abetting the operation of, an unlicensed money transmitting business.
The men are said to have illegally processed more than $600 million, according to U.S. Attorney Philip R. Sellinger, using their various Diamond District businesses as fronts to conduct illegal financial transactions for customers—such as converting cash to checks or making wire transfers—in exchange for “substantial” fees.
They’ve operated numerous businesses in the Diamond District since 2019, including Arya Diamond Jewellery USA Inc. (doing business as Karats & Carats), Diamspark LGD LLC, Royal Diamonds LLC, Raj Gold and Diamond LLC, Royal Arya Jewellery Inc., and Raj Gold and Diamond Inc.
Janfar also operated a company called Rodeo of NY, d/b/a Sarah Jewels, according to the U.S. Attorney’s Office.
“At times, they moved millions of dollars in cash in a single day,” the U.S. Attorney’s Office said. “None of their companies were registered as money transmitting businesses with New York, New Jersey, or the Financial Crimes Enforcement Network.”
The criminal complaint detailed WhatsApp messages allegedly exchanged among the men discussing how much to charge to convert large sums of cash to checks.
The charge of operating an unlicensed money transmitting business carries a maximum penalty of five years in prison and a fine of $250,000. The fine could also be twice the amount of monetary gain they received or the amount a victim lost, whichever is greater.
The arrests are part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation, said the U.S. Attorney’s Office.
OCDETF works to “identify, disrupt, and dismantle” high-level criminal organizations.
Editors' Picks
Sponsored by
More on Crime
The Latest
Events & AwardsJan 15, 2026
Jewelers of Americas’ ‘20 Under 40’ Nominations Now OpenThe program recognizes rising professionals in the jewelry industry.
Events & AwardsJan 15, 2026
Registration for JCK Las Vegas 2026 Is Now OpenA new lifestyle section and a watch showcase have been added to this year’s event.
TrendsJan 15, 2026
Don’t Double-Dip With This Golden ChipAvocados From Mexico is celebrating those who love to double-dip in game day guacamole with a 14-karat yellow gold tortilla chip necklace.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
SourcingJan 15, 2026
Nearly 42-Carat Blue Diamond Discovered in South AfricaPetra Diamonds unearthed the 41.82-carat, Type IIb blue diamond at the Cullinan Mine.
Weekly QuizJan 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJan 14, 2026
Marie Lichtenberg Lassos Leather for New BraceletsThe brand is trading its colorful fabric cords for Italian leather in its “Lasso” baby locket bracelets.
TechnologyJan 14, 2026
“My Next Question” Enters Its Podcast Era National Jeweler and Jewelers of America’s popular webinar series is evolving in 2026.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
MajorsJan 14, 2026
Saks Files for Bankruptcy, Names New CEOThe department store chain owes millions to creditors like David Yurman, Roberto Coin, Kering, and LVMH.
CollectionsJan 14, 2026
Boucheron Names Colman Domingo as Brand AmbassadorThe award-winning actor’s visionary approach and creativity echo the spirit of Boucheron, the brand said.
IndependentsJan 14, 2026
Kansas Jeweler Wins 2025 ‘Wag’ AwardEdge Retail Academy honored Burnell’s Fine Jewelry in Wichita, Kansas, with its annual award for business excellence.
ColumnistsJan 13, 2026
2025 Was a ‘Price Up, Units Down’ Year, Here’s What That Signals for 2026 In a market defined by more selective consumers, Sherry Smith shares why execution will be independent jewelers’ key to growth this year.
IndependentsJan 13, 2026
Orr’s Jewelers Opens New Location in Pittsburgh’s Strip DistrictThe family-owned jeweler’s new space is in a former wholesale produce market.
SourcingJan 13, 2026
Rio Grande To Offer Calibrated Diamond MeleeThe supplier’s online program allows customers to search and buy calibrated natural and lab-grown diamond melee, including in fancy shapes.
Events & AwardsJan 13, 2026
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
PodcastsJan 12, 2026
Introducing My Next Question, the PodcastA monthly podcast series for jewelry professionals
EditorsJan 12, 2026
Platinum, White Gold Rule the 2026 Golden GlobesAssociate Editor Natalie Francisco highlights her favorite jewelry moments from the Golden Globes, and they are (mostly) white hot.
GradingJan 12, 2026
Peter Yantzer, Former Executive Director of AGS Labs, Dies at 77 Yantzer is remembered for the profound influence he had on diamond cut grading as well as his contagious smile and quick wit.
MajorsJan 12, 2026
These 14 Macy’s Locations Will Close This YearThe store closures are part of the retailer’s “Bold New Chapter” turnaround plan.
MajorsJan 12, 2026
Jewelers Mutual Acquires AI-Powered Event Insurance ProgramThrough EventGuard, the company will offer event liability and cancellation insurance, including wedding coverage.
MajorsJan 09, 2026
Kendra Scott Taps Activewear Exec as CEO Chris Blakeslee has experience at Athleta and Alo Yoga. Kendra Scott will remain on board as executive chair and chief visionary officer.
SurveysJan 09, 2026
U.S. Holiday Retail Sales Up 4%, Visa, Mastercard SayThe credit card companies’ surveys examined where consumers shopped, what they bought, and what they valued this holiday season.
AuctionsJan 09, 2026
Christie’s Names New Global Managing Director for LuxuryKimberly Miller has been promoted to the role.
CollectionsJan 09, 2026
Piece of the Week: Lionheart’s ‘Serenity’ Opal CharmThe “Serenity” charm set with 13 opals is a modern amulet offering protection, guidance, and intention, the brand said.
CollectionsJan 08, 2026
Pandora’s New ‘Bridgerton’ Jewels Celebrate Bees, Bows, and Blooms“Bridgerton” actresses Hannah Dodd and Claudia Jessie star in the brand’s “Rules to Love By” campaign.
Events & AwardsJan 08, 2026
Ana Khouri To Receive 2026 Gem Award for High Jewelry ExcellenceFounded by jeweler and sculptor Ana Khouri, the brand is “expanding the boundaries of what high jewelry can be.”
TrendsJan 08, 2026
Stuller’s Color of the Year Is a Stark Contrast to Pantone’s WhiteThe jewelry manufacturer and supplier is going with a fiery shade it says symbolizes power and transformation.
