Small businesses owners like jewelers have to be careful about certain cash transactions. Some of their customers could be drug dealers trying to launder illegal proceeds.
If they don’t keep good records and report suspicious activity, the feds could come after them.
That’s the situation self-described “celebrity jeweler” Zameer Lokhandwala finds himself in. The Frisco man is in the process of trying to justify certain sales transactions to satisfy the government that he’s not in cahoots with drug dealers.
Federal agents raided Lokhandwala’s home in June and seized almost $1 million as well as numerous pieces of expensive jewelry, gold bars and two vehicles, court records show.
Lokhandwala, 46, has not been charged with a crime, but the investigation continues. His wife is a co-owner of Marc Samuels Jewelers, which has locations in Frisco and Grapevine, corporate records show. The store has been in business for about a decade.
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