39-year-old Indian-American jeweler Monishkumar Kirankumar Doshi Shah has been accused of international trade fraud worth millions of dollars. Sitting in America, he was dodging the elders for the last 9 years. Now his illegal business has been exposed.
Indian-American jeweler has been accused of international trade fraud worth millions of dollars. Name is Monish Kumar Kiran Kumar Doshi Shah. Age is 39 years. Monish Kumar has been accused of importing jewelery worth millions of dollars into America without a license. He was doing this work in such a subtle manner that it took 9 years for the police to find out.
Monish Kumar was arrested last week and appeared before US Magistrate Judge Andre M Espinosa in Newark federal court on February 26. However, he was released on a US$100,000 bond with house arrest and surveillance.
How was Monish Kumar exposed?
Monish Kumar was doing business in this illegal manner from January 2015 to September 2023. During this time, Monish Kumar Shah was wondering how to avoid duty on the shipment of jewelery from Turkey and India to America. For this, Shah allegedly conspired to evade import duty on jewelery from Turkey and India by rerouting the shipment through South Korea.
For this, Shah’s associates in South Korea used to change the labels on the jewelery to show that they were from South Korea instead of Turkey or India. He would then send them to Shah or his clients in the US. He would also instruct his clients to create fake invoices and packing lists to make it appear as if Shah’s South Korean companies were actually ordering jewelery from Turkey or India. In this way the duty was avoided illegally. Monishkumar was doing this business illegally and it came to light after a complaint was made.
Many companies opened, not even a single one is registered
From July 2020 to November 2021, Shah operated several alleged jewelry companies in New York City’s Diamond District, including MKore LLC, MKore USA Inc. And Vruman Corp. Documents say he used these institutions to collect cash from customers and convert the cash into wire transfers or checks.
Many times it happened that Shah and his associates transferred more than one million dollars in cash in a single day. None of Shah’s companies were registered with New York, New Jersey or the Financial Crimes Enforcement Network. Shah will be considered innocent until proven guilty, but the case emphasizes efforts to maintain the integrity of the international trade and financial systems.
