New York – In debt to the tune of $1 million with 6 months worth of rent arrears? Turning to jewel theft is not a good idea, especially if it is your own store.

Snatch!

New York Police Department arrested two suspects involved in an elaborate jewel heist scam, in which robbers who posed in Jewish clothing, hats and fake beards, robbed a jewelry store of around $4 million in goods back in 2008.

The apparent jewelry snatch, now turned fraud case, has been put down to the store being $1 million in debt and with 6 months worth of rent arrears.

It has become apparent that two men arrested are the co-owners of a Manhattan Diamond District shop named Dialite Imports jewelry store. The two are being held and charged with larceny, falsifying business records and fraud. The co-owners arrested are named as, Atul Shah (43), and Mahaveer Kankariya ( 43), who are from New jersey.

Caught With Fingers in the Register

One of the owners spoke previously to the ‘New York Post’, stating that he had been told by his insurance company not to say anything about the robbery. That was of course before the pair had been caught in effect with their fingers firmly in the cash register.

The two robbery suspects are still at large, as police and investigators continue to make headway in the case.