Indian-Americal Jeweller Monishkumar Kirankumar Doshi Shah indicted in multi-million dollar fraud

livemint.com:

New Jersey, has been indicted for illegally evading customs duties for millions of dollars of jewellery imports into the US and operating unlicensed money transmitting businesses, a US attorney has said. Monishkumar Kirankumar Doshi Shah (39) was arrested over the weekend and appeared on February 26 before US Magistrate Judge André M Espinosa in the Newark federal court.

Shah alias "Monish Doshi Shah" was released on a bond of USD 100,000, with home detention and location monitoring. He has been charged on a complaint with one count of conspiracy to commit wire fraud and one count of operating, aiding and abetting the operation of an unlicensed money transmitting business.

From January 2015 through September 2023, Shah engaged in a scheme to evade duties for shipments of jewellery from Turkey and India to the US, according to documents. He would ship or instruct his conspirators to ship goods from Turkey or India, which would have been subject to an approximately 5.5 per cent duty if shipped directly to the US, to one of Shah's companies in South Korea, these stated.

Federal prosecutors alleged that Shah's conspirators in South Korea would change the labels on the jewellery to state that they were from South Korea instead of Turkey or India, and then ship them to Shah or his customers in the US, thereby unlawfully evading the duty. He would also make and instruct his customers to make fake invoices and packing lists to make it look like Shah's South Korean companies were actually ordering jewellery from Turkey or India.

During the scheme, Shah shipped millions of dollars of jewellery from South Korea to the US, prosecutors alleged. From July 2020 through November 2021, Shah operated numerous purported jewellery companies