‘King of Bling’ faces charges in money-laundering case

A JEWELLER to the stars, whose fans include Kanye West, David and Victoria Beckham and Elton John, is facing money-laundering charges in the US.

Jacob Arabo, known as “Jacob the Jeweller” and also dubbed the King of Bling for his lavish creations, was arrested on Thursday at his shop in Manhattan.

Police in New York suspect the 41-year-old Russian immigrant, whose real name is Yakov Arabov, was connected to a drug and money-laundering ring.

His company, Jacob & Co, said charges that he conspired with others to launder money in connection with a jewellery business, stemmed from a misunderstanding and that it believed they would be dropped.

Arabo first found fame in the mid-1990s when hip-hop and R&B artists discovered his extravagant gem-encrusted pieces.

More recently he has become a favourite with sports stars, including the Beckhams.

Victoria was reported to have splashed out £500,000 (€730,000) on a New Diamond Baguette Tourbillon watch for David’s birthday this year after meeting with the designer in New York.

The jeweller appeared briefly in court in Manhattan late on Thursday night.

He is among 16 people charged with breaking drug laws, including conspiracy to distribute more than 476kg of cocaine and laundering about $270 million (€213.6m), US attorney Stephen Murphy said.

Federal authorities said that those indicted were connected to a drug organisation called the “Black Mafia Family”, which dealt cocaine in the Detroit area starting in the early 1990s and extending across the country.

A spokesman for Jacob & Co said Arabo’s arrest was the result of an “unfortunate misunderstanding” that the company believed would be “straightened out in the next several weeks”.