By: Richard L. Smith
A man operating jewelry businesses in New York City's Diamond District has pleaded guilty to a scheme that defrauded the U.S. government of over $13.5 million in customs duties and illegally processed $10.3 million through an unlicensed money transmitting operation.
Monishkumar Doshi Shah, 39, of Mumbai and Jersey City, admitted to shipping jewelry from Turkey and India via South Korea to evade a 5.5% customs duty from December 2019 to April 2022.
He also processed illegal financial transactions for customers through his companies, MKore LLC and Vruman Corp, in the Diamond District.
Shah has agreed to pay $742,500 in restitution to U.S. Customs and Border Protection and forfeit $11.13 million.
He faces up to 20 years in prison for wire fraud conspiracy and an additional five years for operating an unlicensed money transmitting business.
His sentencing is set for January 23, 2025.