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.
More on Crime
The Latest
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement RingThe singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ BraceletThe bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’sThe 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry ShoppingThe Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.
Weekly QuizJun 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56KThe historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New JewelsTo mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough RubyThe gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.
TechnologyJun 18, 2025
Alex Brown Named President of Smithee GroupFounder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry SaleThe top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.
MajorsJun 17, 2025
Amanda Gizzi Gets a Promotion at JAGizzi, who has been in the industry since 2001, is now Jewelers of America’s senior vice president of corporate affairs.
MajorsJun 17, 2025
Kering Names Automotive Exec as Its New CEOLuca de Meo, a 30-year veteran of the auto industry, will succeed longtime CEO François-Henri Pinault.
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las VegasFollowing visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ CouplesThe “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.
MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.
MajorsJun 16, 2025
Catbird Names WNBA Star Nyara Sabally as Its New Brand AmbassadorThe New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear EarringsTake a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education ConferenceThe one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella SophieThe California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias GabrielThe foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins BonhamsAssimon is the auction house’s new chief commercial officer.
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and TariffsThe De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”
MajorsJun 11, 2025
Pandora Bets on Las Vegas for First North American FlagshipThe Danish jewelry giant hosted its grand opening last weekend, complete with a Pandora pink roulette wheel.
