Jewelry Tycoon Sentenced for Multimillion-Dollar Customs Evasion

Monishkumar Kirankumar Doshi Shah, a jewelry company owner in New York, received a 30-month prison sentence for evading customs duties on jewelry imports worth over $13.5 million and processing $10.3 million through an unlicensed money business. He was ordered to pay restitution, forfeiture, and a supervised release term.

In a significant crackdown on customs fraud, Monishkumar Kirankumar Doshi Shah, a prominent figure in New York's jewelry scene, has been sentenced to 30 months in prison. His illegal activities included evading duties on imported jewelry valued at over $13.5 million.

Shah orchestrated a scheme by mislabeling jewelry origins to evade approximately 5.5 percent duties, alongside running an unlicensed money transmitting business. He previously pleaded guilty to charges of wire fraud and operating illegal financial transactions, leading to his sentence delivered by US District Judge Esther Salas.

Apart from prison time, Shah has been mandated to pay restitution of USD 742,500 and forfeiture exceeding USD 11 million. His operations spanned from instructing fake invoices to handling over USD 10.3 million in illicit transactions, as he exploited companies in South Korea to deceive US Customs.

(With inputs from agencies.)