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
The Latest
ColumnistsApr 09, 2026
Jewelry Demand Isn’t Stronger, Prices Are Just Higher Jewelers who misinterpret the state of the jewelry market risk employing the wrong retail strategy, cautions columnist Sherry Smith.
MajorsApr 09, 2026
Tiffany & Co. Promotes Nathalie Verdeille to SVP, Chief Artistic OfficerIn her newly expanded role, she will continue to oversee the jewelry category, as well as watches, home, and accessories.
WatchesApr 09, 2026
Jacob & Co. Rolls Out Its Sequel to ‘The Godfather’ Musical Watch“The Godfather II” watch plays two melodies from the mob film’s score, “The Godfather’s Waltz” and “The Godfather Love Theme.”
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.
Events & AwardsApr 09, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerOrganizers have also introduced the new JCK Talks Signature Series, as well as an offering of watch-focused workshops and lectures.
Weekly QuizApr 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingApr 09, 2026
AGA To Honor ‘Quiet Leadership’ With New AwardThe Alan Hodgkinson Medal recognizes gemologists who are consistently generous with their time and expertise.
WatchesApr 09, 2026
Oris Names New CEO, CFOThe Swiss watchmaker is changing up its executive leadership team as part of a restructuring.
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.
CollectionsApr 08, 2026
Hearts On Fire Celebrates 30 Years By Asking a QuestionThe “What’s Your Signature?” campaign invites women to think about how they see themselves.
SourcingApr 08, 2026
Sale of 42-Carat Blue Diamond Gives Petra a Boost in Q3The big diamond’s sale added to the company’s revenue though the market remains “challenging” overall, particularly for smaller goods.
Events & AwardsApr 08, 2026
AGS Confluence Returns with AI, Sustainability SessionsRob Bates of The Jewelry Wire will also moderate a panel on the state of the jewelry industry during the virtual event.
Events & AwardsApr 08, 2026
TJS to Honor 2 Longtime Former Stuller EmployeesThe Jewelry Symposium will honor two industry veterans with lifetime achievement awards at its upcoming May event.
TrendsApr 08, 2026
Amanda’s Style File: April’s Brilliant Birthstone With their durability, brilliance, and beauty, diamonds are the perfect stone for everyday birthstone jewelry.
MajorsApr 07, 2026
QVC Group’s Latest Filing Calls Its Future Into QuestionThe retailer failed to file its annual report on time and said it may issue a going concern warning.
ColumnistsApr 07, 2026
Peter Smith: A Tip to the Post Office on Workplace CultureSmith recounts a recent trip to the post office that included an uncomfortable, embarrassing, and public exchange between two employees.
GradingApr 07, 2026
GIA CFO David Tearle to Retire in June John Cowley, who has more than 30 years of experience, is succeeding Tearle as the lab’s chief financial officer.
CollectionsApr 07, 2026
Nerd Out Over Gemology Geek’s First Jewelry CollectionFounder Erica Silverglide has designed 35 colorful pieces set with fluorescing gemstones for the brand's first finished jewelry offering.
CollectionsApr 07, 2026
Ukrainian Jewelers Highlighted In New Book“Ukrainian Jewelry | Contemporary Jewelry and Art Jewelry from Ukraine” features 33 contemporary Ukrainian designers and studios.
CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
SourcingApr 06, 2026
Gemfields Reports $51M Loss in 2025Both its mines faced challenges last year, from operational issues to disruptions in the market.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
