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.
The Latest
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
SourcingMar 24, 2026
AGTA Solidifies Tucson Dates For 2027-2029The next three editions of AGTA GemFair Tucson will feature a five-day show that includes Sunday.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
FinancialsMar 23, 2026
Movado’s Q4 Sales Rise As Demand Grows From Younger Shoppers, WomenMovado CEO Efraim Grinberg noted continued strength in the fashion watch and accessible luxury segments in the U.S.
TrendsMar 23, 2026
Marco Bicego’s New Campaign Showcases ‘The Art of Craft’After celebrating 25 years in 2025, the campaign marks a new chapter for the jewelry brand with the message that “Identity Creates Value.”
Events & AwardsMar 23, 2026
These Watch Brands Are Heading to Couture This YearCouture and Time to Watches announced the watch brands, from big names to independents, attendees will see at the show.
FinancialsMar 20, 2026
Macy’s Turnaround Plans Shows Promise, Boosted by Bloomingdale’sPlus, why Saks Global’s bankruptcy may have given Bloomingdale’s an edge.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
SurveysMar 19, 2026
NRF Forecasts 4% Retail Sales Growth in 2026From a weaker labor market to inflation, NRF Chief Economist Mark Mathews gave insight on what retailers can expect this year.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
