A fake heist, an insurance fraud – inspired by a movie
In 2010, the New York police arrested Atul Shah and Mahaveer Kankariya of Dialite Imports, a wholesale diamond business in Manhattan, and charged them with staging a robbery at their store to collect insurance money. The dealers inspired by the 2001 Guy Ritchie film ‘Snatch‘, hired men to dress up as Hasidic Jews and staged the robbery at their store. The fake robbery was carried out to get their hands on USD 7 millions of insurance money from Lloyd’s of London.
After paying the USD 7 million insurance claim, insurers and authorities became suspicious. It emerged that their businesses were in hundreds of thousands of dollars in debt. Shah and Kankariya were caught because they failed to destroy surveillance footage that showed them emptying a safe before the fake robbers came on the scene. The two men poured drain cleaner over the tapes but some of it survived.
The heist was carried out in December 2008. It had a maximum sentence of 15 years. This insurance crime was a crime of economic desperation and stupidity. They were found guilty of seven counts of grand larceny, insurance fraud and other crimes. These jewelers were sentenced to between 20 months and five years in prison for faking a $7 million robbery.
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