WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
CrimeApr 07, 2017
12 Charged in $9M Diamond District Scam
The men allegedly passed bad checks, used forged documents and told tall tales to cheat wholesalers out of millions of dollars in melee.
New York--Federal authorities in New York have charged 12 men with fraud for allegedly running a worldwide scam that cheated diamond dealers out of more than $9 million in goods.
The U.S. Attorney’s Office in Manhattan said Wednesday that the FBI had been investigating a series of “predatory frauds” being perpetrated by this group since 2015.
The group, some of who allegedly are Russian gangsters, are said to have used a variety of methods to cheat victims of diamonds--they would write bad checks, give false references, use forged documents and tell “tall tales,” preferring always to deal in melee because it’s harder to track.
According to federal authorities, the gang’s most common technique was the “bust out.”
They would build up credit and trust with a victim by paying for goods on delivery before placing a huge order, essentially maxing out their credit with the victim, and then disappear with the diamonds.
When victims would insist upon payment, the men would simply give them the run-around, telling them their diamonds had been lost, sold to someone else who refused to pay, or that another member of the group would repay them.
According to the U.S. Attorney’s Office, the men charged in the case are: Godel Sezanayev (aka Gary); Mark Mullakandov; Albert Foozailov; Imanil Muratov (aka Eddy); Manashe Sezanayev (aka Michael); Nathan Itzchaki; Arkadiy Israilov; Ali Javidnezhad; Mark Natanzon; Sholom Muratov; Menachem Abramov; and Nizamuden Akbari.
The attorney’s office said Wednesday that 10 of the 12 men had been arrested while Javidnezhad and Akbari remained at large. No further updates were immediately available Friday morning.
The 30-page complaint filed in the case contains an affidavit by the FBI agent who worked it, and sections of its read like they were taken straight out of a Hollywood blockbuster--secretly recorded meetings, undercover operations and cash-stuffed duffel bags.
In one instance, the affidavit describes how one victim, who lost a total of $2.4 million in goods to this gang, was outfitted with a recording device by the FBI for one meeting with Godel Sezanayev, or “Gary,” who told him, “Take me to court … I pay you when I feel like it,” “Nobody can do [expletive] to me,” and “If I need, I [expletive] somebody if I want.”
The affidavit describes another instance in which this same victim got swindled by Manashe Sezanayev, or “Mike.” Mike gave the victim a duffel bag that purportedly contained more than $500,000 but turned
Editors' Picks
Sponsored by
out to mostly $1 bills, stacked up and concealed beneath $100 bills bound together with rubber bands.
Sezanayev, Foozailov, Muratov, Sezanayev, Javidnezhad, Israilov and Akbari are each charged with conspiracy to commit wire fraud, for which they could serve up to 20 years in prison.
Wire fraud is financial fraud that takes place using telecommunications or information technology; in this case, the perpetrators are charged with wire fraud because they used the telephone in some of their allegedly fraudulent dealings.
Foozailov, Nathan Itzchaki, Mark Mullakandov, Mark Natanzon, Menachem Abramov and Sholom Muratov are charged with conspiring to commit mail fraud, which carries the same maximum sentence.
These six are charged with mail fraud because they allegedly convinced four diamonds dealers in Mumbai to send them more than $7 million in diamonds via interstate carrier but never paid for them.
Sezanayev, Foozailov, Muratov, Sezanayev, Javidnezhad, Israilov and Akbari are each charged with conspiracy to commit wire fraud, for which they could serve up to 20 years in prison.
Wire fraud is financial fraud that takes place using telecommunications or information technology; in this case, the perpetrators are charged with wire fraud because they used the telephone in some of their allegedly fraudulent dealings.
Foozailov, Nathan Itzchaki, Mark Mullakandov, Mark Natanzon, Menachem Abramov and Sholom Muratov are charged with conspiring to commit mail fraud, which carries the same maximum sentence.
These six are charged with mail fraud because they allegedly convinced four diamonds dealers in Mumbai to send them more than $7 million in diamonds via interstate carrier but never paid for them.
More on Crime
The Latest
MajorsSep 25, 2026
Sherwood Family Buys Back Daniel’s Jewelers from Private EquityThe Sherwood family and AJS Creations CEO Tejas Shah purchased the jewelry chain back from Palladium Equity Partners.
Lab-GrownSep 25, 2026
Brilliant Earth Collabs with Elizabeth Taylor Estate on Jewelry Collection“The Elizabeth Taylor Collection” uses lab-grown diamonds and gemstones in contemporary designs inspired by the icon.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
TrendsSep 25, 2026
A Peek at Taylor Swift’s Game-Day DiamondsThe artist wore Dana Rebecca Designs’ marquise diamond-set gold hoops at the Chiefs game last Sunday. Now they’re our Piece of the Week.
Weekly QuizSep 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsSep 24, 2026
8-Carat Blue Diamond Heads to UK Jewelry AuctionThe fancy light blue diamond is estimated to fetch up to $2.6 million at Elmwood’s next week.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
TrendsSep 24, 2026
This New Jewelry Book Decodes the Secret Meaning in Victorian Jewelry“Secret Language of Victorian Jewelry” unveils the meaning behind the symbols, motifs, and gemstones used in Victorian-era jewelry.
Lab-GrownSep 24, 2026
Kira Jewels Opens B2B E-Commerce Portal for Lab-Grown Diamond Jewelry KIRAJewels.one gives retailers access to more than 500 SKUs of lab-grown diamond rings, earrings, necklaces, and bracelets.
TrendsSep 23, 2026
Holiday Diamond Jewelry Trends: Layered Looks, PersonalizationThis holiday season, look to pieces that will help to fill out customers’ everyday diamond jewelry wardrobe, experts say.
SourcingSep 23, 2026
Organization That Promotes Natural Diamond Rebrands for Third Time The Natural Diamond Council is now The Diamond Collective and has announced a new strategy under CEO Amber Pepper.
IndependentsSep 23, 2026
This Milwaukee-Area Jeweler Is Serving the 7CsPaul’s Jewelers sells coffee, chocolate, and cookies from a custom gold-wrapped trailer parked outside the store starting at 7 a.m.
MajorsSep 23, 2026
Kay Jewelers’ New Campaign Goes ‘All In’ on LovePart of its brand relaunch, the marketing around the campaign includes a contest involving a jacket set with 550 diamonds.
Events & AwardsSep 23, 2026
Tiffany & Co. Exhibition Opening at Arkansas Museum The curation, opening soon at the Crystal Bridges Museum of American Art, honors the jeweler’s heritage through a distinctly American lens.
CollectionsSep 23, 2026
Pucker Up for Pandora’s New Pat McGrath Jewelry CollabThe jewelry giant has partnered with the famed makeup artist to create a colorful new collection of charms and rings.
IndependentsSep 23, 2026
Texas Jewelers Association to Celebrate 120th AnniversaryThe association will mark the milestone at its convention next month.
IndependentsSep 23, 2026
Sissy’s Log Cabin’s ‘Back to School and Bling’ Event ReturnsThe jeweler donated school supplies to Memphis, Tennessee, students during the event combining basketball and mentorship.
MajorsSep 22, 2026
Foundrae’s Lawsuit Against Pandora Can Continue, Court RulesA federal judge denied Pandora’s motion to dismiss Foundrae’s claim for copyright infringement of its medallions.
ColumnistsSep 22, 2026
Peter Smith: Our Struggle With Emotional SellingPeople aren’t thinking rationally when they are buying luxury products, and we shouldn’t be selling them that way, Peter Smith writes.
IndependentsSep 22, 2026
Constance Polamalu Named to '40 Under 40' ListThe Baltimore Business Journal recognized the entrepreneur for her leadership in business and the jewelry industry.
GradingSep 22, 2026
GCAL by Sarine Opens New Lab in MumbaiThe facility is located within SEEPZ and is GCAL by Sarine’s second location in India, joining its existing grading lab in Surat.
Events & AwardsSep 22, 2026
NYCJAOS Returns for Autumn EditionThe four-day show is slated for Nov. 19-22 at the Metropolitan Pavilion in New York City’s Chelsea neighborhood.
AuctionsSep 21, 2026
Ultra-Rare Cartier Cheich Watch Sells for $3.4M Offered at Sotheby’s Hong Kong, the one-of-a-kind white gold watch now holds the title of most valuable Cartier wristwatch sold at auction.
MajorsSep 21, 2026
Longtime Industry Executive Pamela Bernstein-Gulla to RetireBernstein-Gulla has been working in the jewelry industry for 40 years, most recently as chief engagement officer for Hill & Co.
IndependentsSep 21, 2026
Bhindi Jewelers Moves Into New, Larger California StoreThe relocated Glendale store, now at The Americana at Brand, was designed to be a contemporary “timepiece haven” inspired by luxury resorts.
AuctionsSep 18, 2026
7.52-Carat Unheated Paraíba Tourmaline Sells for $1.3M at Sotheby’s The top lot of the auction house’s Hong Kong jewelry sale was an Art Deco Mauboussin necklace with ruby beads, which sold for $2 million.
