By: Richard L. Smith
A Middlesex County-based company and two individuals who own or control the business have admitted to evading U.S. customs duties on imported gold jewelry, according to an announcement made today by U.S. Attorney Philip R. Sellinger.
Federal officials said the company at the center of the admissions is 21st Millennium Inc., headquartered in Iselin.
The business involved in buying and selling gold jewelry is owned or controlled by Iqbal Virani and Aqib Virani.
An investigation revealed that from January 1, 2017, through March 31, 2020, 21st Millennium served as the importer of record for over 80 customs entries, each representing jewelry manufactured abroad and brought into the United States.
As the importer, 21st Millennium was obligated to provide truthful and accurate disclosures to the U.S. Department of Homeland Security, Customs and Border Protection regarding the total value of the imported merchandise.
However, the Viranis were found to have caused 21st Millennium to submit commercial invoices that inaccurately undervalued the jewelry, evading $401,852 in customs duties that should have been paid.
In light of these findings, a settlement agreement has been reached.
Under the terms of this agreement, 21st Millennium and the Viranis have agreed to pay a total of $1 million to the United States, resolving the matter and acknowledging their wrongdoing.
This case serves as a stark reminder that customs duties play a crucial role in international trade and commerce.
Accurate disclosures are not only a legal obligation but also vital for maintaining the integrity of the system.
The settlement underscores the commitment of law enforcement to uphold fair trade practices and hold those who evade their responsibilities accountable.