The men are accused of using the jewelry stores they own in Manhattan’s Diamond District to process more than $673 million in transactions.
Four men from New Jersey have been arrested on accusations that they used their New York City jewelry stores as fronts to run illegal money transmitting businesses, U.S. Attorney Philip R. Sellinger said.
Raj Vaidya, 26, Rakesh Vaidya, 51, Shrey Vaidya, 23, and Neel Patel, 26, all of Edison, along with Youssef Janfar, 57, of Great Neck, New York, were charged by complaint with operating and aiding and an unlicensed money transmitting business. The men are accused of using the jewelry stores they own in Manhattan’s Diamond District to process more than $673 million in transactions through the money transmitting business without the proper license, according to the complaint.
The services they offered to customers included wire transfers and converting cash into checks, authorities said. They collected substantial fees for the services — up to 2.7% on transactions that totaled hundreds of thousands of dollars — and at times moved millions of dollars in cash in a single day, according to the complaint.
The businesses involved in the operation were Karats & Carats, Diamspark – Lab Grown Diamonds, Royal Diamonds, Royal Arya Jewellery, Sarah Jewells, Raj Gold and Diamond Inc. and Raj Gold and Diamond LLC, prosecutors said.All five men appeared in federal court before U.S. Magistrate Judge Edward S. Kiel on Thursday and were released on an unsecured bond.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fake Diamonds, Real SweatInside Pandora’s “diamond district” Fashion Week party.
Read more »
Indie Pop Legacy Act MS MR Released Their Last-Ever SongHear their new song 'Saturn Return,' and read the NYC band's full break up statement.
Read more »
Eric Adams says migrant influx will 'destroy' NYC: 'The city we knew, we're about to lose'The NYC mayor warned residents Wednesday that he sees no solution to the ongoing crisis.
Read more »
Students across 60 NYC schools are getting an urban farming curriculumNonprofit NY Sun Works has partnered with 300 schools in NYC to build hydroponic farms.
Read more »
Follow live: Edwards takes early lead after polls close in Utah's 2nd District GOP primaryFollow live as results come in Tuesday night for the special Republican primary election to replace Rep. Chris Stewart in Utah's 2nd Congressional District.
Read more »
Early results show Edwards leading primary for Utah 2nd DistrictThe race to replace Rep. Chris Stewart becomes clearer Tuesday night as three candidates were looking to earn the GOP nomination in Utah's Congressional District 2
Read more »