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New Jersey-Based Jeweler Sentenced to 30 Months in Prison
Defendant evaded $13.5 million in duties on imported jewelry and ran a $10.3 million unlicensed money-transmitting business.
A jeweler from Mumbai, India, and Jersey City, New Jersey, was sentenced to 30 months in prison for scheming to evade customs duties on over $13.5 million in imported jewelry and operating an unlicensed money-transmitting business that funneled more than $10.3 million, Acting U.S. Attorney Vikas Khanna announced. Monishkumar Kirankumar Doshi Shah (a/k/a “Monish Doshi Shah”), 40, received the sentence in Newark federal court before U.S. District Judge Esther Salas.
- Duty Evasion Scheme:
From December 2019 to April 2022, Shah and his accomplices used third-party shipments from Turkey and India to South Korea, then mislabeled the jewelry as South Korean origin to avoid the 5.5% customs duty. During the investigation, authorities determined that $13.5 million in jewelry entered the United States through this route without proper duties.- Shah also directed others to create fake invoices and packing lists to disguise the true source of the jewelry.
- A separate shipping company allegedly provided false statements to U.S. Customs and Border Protection at Shah’s request.
- Unlicensed Money Transmitting:
Between July 2020 and November 2021, Shah operated multiple Diamond District businesses—such as MKore LLC, MKore USA Inc, and Vruman Corp—to illegally process over $10.3 million in funds.- He converted cash to wire transfers and checks for clients through these entities, sometimes moving hundreds of thousands of dollars in a single day.
- None of the companies involved were registered as money transmitting businesses with New York, New Jersey, or the Financial Crimes Enforcement Network (FinCEN).
Sentencing and Penalties
- Prison Term: 30 months
- Restitution: $742,500
- Forfeiture: $11,126,982.33
- Supervised Release: Two years
Judge Salas ordered Shah to begin serving his sentence immediately. In handing down the judgment, the court highlighted the seriousness of both international trade fraud and unlicensed money-transmitting operations, underscoring the government’s commitment to preventing financial crimes that undermine legitimate commerce and national security.
This case was pursued by federal authorities with the intent of safeguarding the integrity of U.S. Customs processes and financial regulations. The investigation revealed sophisticated efforts to bypass duties and obscure multimillion-dollar transactions, serving as a warning that exploiting global supply chains for personal gain can carry serious legal consequences.
