Ivanka Trump’s now-defunct fine jewelry line, called Ivanka Trump Fine Jewelry, used diamonds “in a massive money-laundering and fraud scheme”, according to multiple news reports.
According to a filing made to the US District Court for the Southern District of New York , the Commercial Bank of Dubai got permission to subpoena Ivanka Trump Fine Jewelry, claiming its diamonds were vehicles in a scheme to hide about $100 million owed to the bank.
The bank claims that the Al-Saris family from Dubai borrowed more than $100 million from the bank, defaulted, then hid their assets in shell companies they used to buy diamonds, including diamonds set in Trump’s jewelry line. The alleged transaction took place when Ivanka Trump Fine Jewelry was licensed under the corporate entity “Madison Avenue Diamonds”. Ivanka Trump cut her connections with Madison Avenue Diamonds last year.
