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WARNING! Enchanted Diamonds Scam! Buyers Beware!

Discussion in 'RockyTalky' started by Thomas Lau, Jun 15, 2019.

  1. RSZ
    Rough_Rock

    Messages:
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    Jun 17, 2019
    by RSZ » Jul 15, 2019
    You need to get in contact with Ajay at RareCarat. Go to rarecarat website and send them an email via their site or call them. They are helping the victims.
     
    lovedogs likes this.
  2. whitewave
    Ideal_Rock

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    by whitewave » Jul 15, 2019
    Any news on this? I assume it’s going to take years and Unfortunately not a whole lot will happen.
     
    hypermom, FireMonkey and lovedogs like this.
  3. RSZ
    Rough_Rock

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    Jun 17, 2019
    by RSZ » Jul 22, 2019
    Please if there are any new victims, refer them to rarecarat.com and get in contact with Ajay there. I was just contacted by another victim who is just finding out they were scammed.
     
  4. Golden_bird
    Shiny_Rock

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    411
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    by Golden_bird » Jul 23, 2019
    It’s a horrible situation! Did you guys get any update ?? What’s going on right now ?
     
    


    


  5. autumngems
    Brilliant_Rock

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    by autumngems » Jul 26, 2019
    This is the kind of thing that gets you looked up on the web for your address and payback
     
  6. Und1234
    Rough_Rock

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    by Und1234 » Jul 29, 2019
    we have it lol
     
    RSZ likes this.
  7. MollyMalone
    Ideal_Rock

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    by MollyMalone » Aug 11, 2019
    I just finished reading through the SDNY Bankruptcy Court file I purchased this evening.

    In the corporate bankruptcy petition filed by the lawyer on June 20, Online Diamonds International d/b/a Enchanted Diamonds lists $203,000 in Assets.
    • But $15,000 of that represents the security deposit on the new office on Broadway that ED moved into in March of this year, so it's not money sitting in ED's bank account (which has just $35,000 in it). The office lease runs until March 1, 2026, at an annual rent of at least $67,570. ED paid just 1 month's rent to his new office landlord before closing up shop.
    • The bulk of the Assets -- $150,000 (an oddly "round" figure it seems to me) -- is attributed to the company's diamond inventory. The petition later states, however, that ED owes 8 diamond-gemstone suppliers in the US and Mumbai nearly $162,000.
    • ED is not claiming to have any diamond business-related equipment/tools; just some office furniture and computer equipment with a stated total value of merely $3,000.
    On the Liabilities side (listed total of somewhat more than $1.811 million),
    • ED owes $225,000 in loans from Loan Building WebBank (a PayPal company) and Libertas Funding (more about Libertas later)
    • Three individuals are owed approximately $288,000 altogether; customers who got stiffed on orders of less than $75,0000 each -- plus the diamond-gemstone suppliers and the office landlord -- constitute the majority of the remaining creditors.
    • But whaddya know, ED owes Joshua Niamehr himself almost $50,000 for loans he purportedly made to the company at some unspecified point(s) in time. :boohoo: [teeny violin]
    But there's additionally maddening news. I checked the NY State courts' online dockets & discovered that Libertas Funding is suing ED and Joshua in Nassau County (Long Island) for breach of contract. According to Libertas' filed Complaint, Libertas entered into a formal agreement with ED whereby Libertas agreed to advance $125,000 to ED in exchange for $160,000 of ED's receivables; ED was obliged to authorize Libertas to make daily ACH withdrawals of a specific amount from ED's bank account until the agreement was fulfilled. On March 13, 2019, Libertas transferred $125,000 to ED & was initially able to make the agreed-upon withdrawals. But after Libertas received payments of about $55,0000, ED cut off Libertas' access to ED's bank account. Since then, neither ED nor Joshua (the guarantor of the loan under the agreement) has made any payments to Libertas.

    Turning back to the bankruptcy petition where ED was expected to declare what payments, etc. were given to any corporate "insider" in the year leading up to the filing date of the petition, we see that Joshua apparently used the cash infusion from Libertas Funding to give himself $30,000, in satisfaction of 2 other loans he'd supposedly made to the corporation. ED paid Joshua $15,000 on March 14 -- the day after Libertas transferred the $125Gs -- and another $15,000 on March 22. (Joshua also received a "net salary" of $75,066, but the dates of his salary payments don't appear in the petition.)

    What's coming up next:
    The lawyer representing 34 of ED's wronged customers has brought in a bankruptcy attorney, who has asked Bankruptcy Court Judge Bernstein to issue an order authorizing an "examination" (similar to a deposition) of Joshua next Monday, August 19. Here's hoping that the attorney rakes Joshua over the coals, holds his feet to the fire!!
     
    Last edited: Aug 11, 2019
    kgizo, sunshowers, arkieb1 and 13 others like this.
  8. more-Sparkle
    Rough_Rock

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    by more-Sparkle » Aug 11, 2019
    @MollyMalone

    THANK YOU so much for the update. I have been wondering what had happened to this and to Joshua.

    So no criminal fraud charges against him?

    After reading your post, I cannot understand how a person can run a business so poorly and make so many bad decisions and choices.
     
    Ss52 and LisaRN like this.
  9. Bron357
    Ideal_Rock

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    by Bron357 » Aug 11, 2019
    So where and how does $1.8M mysteriously and quickly disappear to?
    If his diamond assets in hand are even less $$$ than the amt owing to the diamond brokers, if the Landlord hasn’t been paid, if apparently staff haven’t been paid, if he has taken money from clients and not bought the diamonds to complete the orders AND he has managed to borrow more money -
    WHAT has it been spent on?
     
    Ss52, RSZ and PreRaphaelite like this.
  10. PreRaphaelite
    Brilliant_Rock

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    by PreRaphaelite » Aug 11, 2019
    Sounds like the perfect setup for a smuggling operation.
     
    Ss52, Wewechew and RSZ like this.
    


    


  11. Und1234
    Rough_Rock

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    by Und1234 » Aug 12, 2019
    Did anyone go to the hearing on July 24th, and did Joshua show up?
     
    MK Malone likes this.
  12. RSZ
    Rough_Rock

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    by RSZ » Aug 14, 2019
    I did not go but, will go in the future (if needed.) I think a few locals went. Yes, he showed. Did you get the update from the atty? He sent an email out to the victims. Another hearing this month...
     
  13. Und1234
    Rough_Rock

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    by Und1234 » Aug 15, 2019 at 9:15 AM
    I didn't, I'm not part of the group anymore since I was the CC customer and was able to CB.

    Was it positive news at least?
     
    MK Malone likes this.

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