NEWARK, N.J. — U.S. Immigration and Customs Enforcement officers in Newark have arrested an Indian national following his release from federal prison after he served a sentence for a multimillion-dollar international trade fraud and financial crimes case.
According to ICE Enforcement and Removal Operations Newark, officers arrested Monishkumar Kirankumar Doshi Shah on Aug. 5 after he was released from federal custody.
Shah, 40, of Mumbai, India, and Jersey City, previously pleaded guilty in U.S. District Court in Newark to conspiracy to commit wire fraud and operating and aiding and abetting the operation of an unlicensed money-transmitting business. In January 2025, U.S. District Judge Esther Salas sentenced him to 30 months in federal prison, followed by two years of supervised release.
Federal prosecutors said Shah operated jewelry companies in New York City’s Diamond District, including MKore LLC, MKore USA Inc., and Vruman Corp., while orchestrating an international scheme that illegally avoided U.S. customs duties on approximately $13.5 million worth of imported jewelry.
According to the U.S. Attorney’s Office for the District of New Jersey, Shah and his co-conspirators shipped jewelry from India and Turkey to South Korea, where labels and documentation were altered to falsely identify South Korea as the country of origin before the jewelry was exported to the United States.
Prosecutors said Shah also directed customers and associates to create fraudulent invoices and packing lists and instructed a shipping company to provide false information to U.S. Customs and Border Protection, allowing the jewelry to enter the United States without paying approximately 5.5% in applicable customs duties.
Authorities further alleged that between July 2020 and November 2021, Shah operated an unlicensed money-transmitting business that processed more than $10.3 million in financial transactions.
According to court documents, Shah converted customer cash into checks and wire transfers through his companies and other jewelry businesses, sometimes moving hundreds of thousands of dollars in a single day. None of the businesses involved were registered with New York, New Jersey, or the Financial Crimes Enforcement Network (FinCEN) as required by law.
Judge Salas ordered Shah to pay $742,500 in restitution and forfeited more than $11.1 million connected to the fraud and illegal money-transmitting schemes.
ICE announced Thursday that Shah is now in immigration custody following completion of his federal sentence. The agency has not disclosed where he is being held or whether removal proceedings have formally begun.
- ICE Newark arrested Monishkumar Kirankumar Doshi Shah after his release from federal prison.
- Shah previously received a 30-month federal prison sentence.
- Prosecutors said he helped evade customs duties on approximately $13.5 million in jewelry imports.
- Authorities also alleged he operated an unlicensed money-transmitting business that processed more than $10.3 million.
- The federal court ordered $742,500 in restitution and more than $11.1 million in forfeiture.
- ICE has not released additional information regarding his immigration case.
The case was investigated by IRS Criminal Investigation, Homeland Security Investigations, U.S. Customs and Border Protection, and multiple federal, state, and international law enforcement agencies as part of an Organized Crime Drug Enforcement Task Forces initiative.
FAQ
Who did ICE arrest?
ICE arrested Monishkumar Kirankumar Doshi Shah, a citizen of India, after he completed his federal prison sentence.
What crimes was he convicted of?
He pleaded guilty to conspiracy to commit wire fraud and operating and aiding and abetting the operation of an unlicensed money-transmitting business.
How did the customs fraud scheme work?
According to federal prosecutors, jewelry from India and Turkey was shipped to South Korea, relabeled as South Korean products, and exported to the United States using false documentation to avoid customs duties.
How much money was involved?
Authorities said the scheme involved approximately $13.5 million in jewelry imports and more than $10.3 million in illegal money-transmitting transactions.
What financial penalties were imposed?
The court ordered $742,500 in restitution and more than $11.1 million in forfeiture, in addition to the prison sentence.
Sources: U.S. Immigration and Customs Enforcement (ICE) Enforcement and Removal Operations Newark; U.S. Attorney’s Office for the District of New Jersey; U.S. District Court for the District of New Jersey.
