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Monishkumar Kirankumar Doshi Shah admitted to dodging customs duties on more than $13.5 million of jewelry imported into the U.S.
Jeweler Monishkumar Kirankumar Doshi Shah faces up to 25 years in prison after pleading guilty to evading customs duties and to illegally processing millions of dollars through an unlicensed money transmitting business.
Newark, N.J.—A 39-year-old jeweler based in New Jersey and India has pleaded guilty to evading customs duties, the U.S. Attorney’s Office in New Jersey announced last week.
Monishkumar Kirankumar Doshi Shah, also known as Monish Doshi Shah, of Mumbai, India, and Jersey City, New Jersey, pleaded guilty in federal court to evading customs duties on more than $13.5 million of jewelry imports into the United States.
He was charged in an information with one count of conspiracy to commit wire fraud and entered his plea before U.S. District Judge Esther Salas on Sept. 10.
From December 2019 through April 2022, Shah schemed to evade duties for jewelry shipments from Turkey and India to the U.S., said a statement from the office of U.S. Attorney for the District of New Jersey Philip R. Sellinger.
Shah or his conspirators would ship the goods from Turkey or India to one of Shah’s companies in South Korea. If these goods were shipped directly to the U.S., they would have been subject to a 5.5 percent duty.
Shah’s connections would change the labels on the jewelry to state that they were from South Korea instead of Turkey or India, according to information from court documents and statements.
The goods then were shipped to Shah or his customers in the U.S., unlawfully evading customs duties, the U.S. Attorney’s Office said.
Shah told his connections to make fake invoices and packing lists to make it look like his South Korean companies were ordering the jewelry from Turkey or India.
He also instructed a third-party shipping company to provide false information to U.S. Customs and Border Protection (CBP) regarding the origin of the jewelry.
During this time, Shah shipped approximately $13.5 million of jewelry from South Korea to the U.S. without paying the appropriate duty, said the U.S. Attorney’s Office.
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Monishkumar Kirankumar Doshi Shah, also known as Monish Doshi Shah, of Mumbai, India, and Jersey City, New Jersey, pleaded guilty in federal court to evading customs duties on more than $13.5 million of jewelry imports into the United States.
He was charged in an information with one count of conspiracy to commit wire fraud and entered his plea before U.S. District Judge Esther Salas on Sept. 10.
From December 2019 through April 2022, Shah schemed to evade duties for jewelry shipments from Turkey and India to the U.S., said a statement from the office of U.S. Attorney for the District of New Jersey Philip R. Sellinger.
Shah or his conspirators would ship the goods from Turkey or India to one of Shah’s companies in South Korea. If these goods were shipped directly to the U.S., they would have been subject to a 5.5 percent duty.
Shah’s connections would change the labels on the jewelry to state that they were from South Korea instead of Turkey or India, according to information from court documents and statements.
The goods then were shipped to Shah or his customers in the U.S., unlawfully evading customs duties, the U.S. Attorney’s Office said.
Shah told his connections to make fake invoices and packing lists to make it look like his South Korean companies were ordering the jewelry from Turkey or India.
He also instructed a third-party shipping company to provide false information to U.S. Customs and Border Protection (CBP) regarding the origin of the jewelry.
During this time, Shah shipped approximately $13.5 million of jewelry from South Korea to the U.S. without paying the appropriate duty, said the U.S. Attorney’s Office.
Shah also pleaded guilty to one count of operating, and aiding and abetting the operation of, an unlicensed money transmitting business.
From July 2020 through November 2021, he owned and/or operated several jewelry companies in New York’s Diamond District, including MKore LLC, MKore USA Inc., and Vruman Corp.
He used these businesses to conduct more than $10.3 million in illegal financial transactions for customers, including converting cash to checks or wire transfers, according to statements and court documents.
He would also collect cash from customers and use other individuals’ jewelry companies to convert the cash into wires or checks.
“At times, Shah and other members of the money transmitting business moved hundreds of thousands of dollars in a single day,” said the U.S. Attorney’s Office.
Shah and his conspirators would charge a fee for this service.
None of the companies run by Shah or his associates were registered as money transmitting businesses with New York, New Jersey, or the Financial Crimes Enforcement Network.
Per the terms of his plea agreement, Shah agreed to pay CBP restitution of $742,500 for the customs evasion scheme and forfeit a total of $11.1 million for the customs evasion and unlicensed money transmitting schemes.
He faces up to 20 years in prison on the wire fraud conspiracy charge and up to five years for the charge of operating an illegal money transmitting business.
Each count is also punishable by a maximum fine of either $250,000 or twice the gain or loss from the offense, whichever amount is greater.
Shah’s sentencing is scheduled for Jan. 23, 2025.
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