Monishkumar Kirankumar Doshi Shah, a jeweller who owns numerous companies in New York City’s Diamond District, has been arrested for multiple unlawful activities. Federal authorities have charged Shah with one count of conspiracy to commit wire fraud, and one count of operating and aiding and abetting the operation of an unlicensed money transmitting business.
According to JCK, Shah has been accused of shipping goods from Turkey and India to businesses he owns in South Korea, Pani Trading and KT International. Allegedly, Shah’s employees at these businesses regularly altered shipping labels to hide the true origin of their jewellery products, making it appear as though the items had been sourced from South Korea to evade U.S. custom duties.
Prosecutors also claim Shah conducted illegal financial transactions through three of his companies, MKore, MKore USA, and Vruman Corp. Along with his co-conspirators, he exchanged large sums of cash—sometimes in amounts greater than US$1 million (approximately C$1.35 million) per day—for cheques or wire transfers with a two per cent fee. Neither of the companies held proper registration as a money transmitting business.
Shah has since been released on a US$100,000 (C$135,000) bond and is under home detection and location monitoring.
