Police have nabbed a precious stone broker alleged to have conducted the diamond heist worth Rs. 4.20 crore at Shringar Diamonds in Opera House, Mumbai. The culprit- Ramesh Mutha (36 years old) had stolen 2,925 diamonds on April 14, 2010 from the company.

The police had received a tip-off that Mutha is due to visit Ratna Deep Compound in south Mumbai to sell part of the loot to a party, reports add. The Crime Branch laid a trap and caught him red-handed and got hold of Rs 2.65 crore worth of diamonds.

Upon confessing to his crime, Mutha said he had made seven duplicate keys from the company entrance to the locks of the safe. Also, he admitted to have dumped the remaining loot into the Bhayandar creek while crossing over it by train. The police said they plan to deploy divers to recover the diamonds. Mutha will remain in police custody until May, 3, 2010.