Sentences of up to four years at diamond mega trial

One of the biggest fraud cases in the world of diamond trading has ended in Antwerp, with a jail sentence of four years for the main defendant, as well as a fine of €550,000 and a ban on practising the trade.

Eight other defendants were sentenced to between 12 and 30 months and fined between €2,750 and €550,000. A total of 36 individuals and companies were on trial.

The case centred on Monstrey Worldwide Services, a diamond transport firm run by Raymond Monstrey, the main defendant. He and his co-defendants set up a system that allowed diamond dealers to trade diamonds illegally, through a series of real and shell companies and cash transactions, in order to avoid paying taxes. According to the prosecution, the value of the fraud came to more than €1 billion.

Between 2001 and 2005, the court heard, 355 diamond traders made use of the Monstrey system. Of those, 220 were identified and 36 brought to trial. Apart from the nine defendants mentioned, the sentences ran from six to 30 months, and fines from €2,750 to €110,000.

Most sentences were suspended, given that it had taken more than 10 years to bring the case to court ; the case was so complicated that the verdict alone runs to 1,067 pages. Evidence files submitted contain more than 70,000 pages.

Illegal gains of more than €100 million were declared forfeit by the court.

Photo: Ingimage