Two diamond wholesalers, Atul Shah, (48), and Mahaveer Kankariya (43), from the New York Diamond District have been arrested for staging a jewellery robbery worth $4 million in 2008, at their Midtown store, reports the Antwerp Facets News Service. The robbery was staged on New Years Eve with the help of two purported thieves disguised as Hasidic Jews. Charges on both wholesalers include grand larceny, insurance fraud and falsifying business records related to the staged robbery, reports say.

As per the law enforcement sources, video surveillance footage revealed the owners stealing the jewellery before the supposed heist, reports add. While one man has been arrested by the police and is being questioned, his accomplice is on the loose. The staged robbery took place in daylight when the robbers dressed in black coats, hats and beards, showed fake IDs cards to the lobby security at 2 West 46th Street and went up to the fifth floor to Dialite Imports, reports say. Upon entering the store, they held up Shah and another employee at gunpoint, asking Shah to empty the safe of diamonds and jewellery, reports say. They tied up the two men with duct tape before escaping, reports inform.