Federal authorities have linked a group of five individuals to the laundering of a staggering $673 million through illicit operations spanning the last four years, according to statements made by US Attorney for New Jersey, Philip R. Sellinger.
In exchange for their involvement, Youssef Janfar, also known as "Joe Rodeo," aged 57, hailing from Great Neck, along with residents of Edison, New Jersey – Raj Vaidya, 26; Rakesh Vaidya, 51; Shrey Vaidya, 23; and Neel Patel, 26 – reaped substantial financial gains, as disclosed by Sellinger.
Janfar purportedly oversaw the operations of Rodeo of NY, which operated under various alleged fronts, one of which was "Sarah Jewels."
The trio of Vaidyas and Patel were responsible for managing several purported diamond, gold, and jewelry companies in the Diamond District, with one notable entity being Arya Diamond Jewellery USA Inc., operating under the name "Karats & Carats," according to Sellinger's statements.
Court documents revealed additional operations, identified as Diamspark LGD LLC, Royal Diamonds LLC, Raj Gold and Diamond LLC, Royal Arya Jewellery Inc, and Raj Gold and Diamond Inc.
The individuals facing charges in this case used these entities as a façade to carry out illicit financial transactions, amounting to hundreds of millions of dollars, including the conversion of cash to checks or wire transfers, in exchange for substantial fees. Notably, none of these companies were registered as money transmitting businesses with regulatory authorities in New York, New Jersey, or the Financial Crimes Enforcement Network.
While US Attorney Sellinger did not provide specific details about the customers involved, he did mention that the case was a result of collaborative efforts between the DEA, Homeland Security Investigations, and the IRS.
All five defendants have been released on unsecured bonds by a US District Court judge in Newark, pending trial. They face charges related to operating and aiding and abetting the operation of an unlicensed money-transmitting business, as confirmed by Sellinger.