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Diamond Dealers Sentenced In Fake NYC Heist

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A Diamond (file / credit: FABRICE COFFRINI/AFP/Getty Images)

A Diamond (file / credit: FABRICE COFFRINI/AFP/Getty Images)

corn_feature Irene Cornell
Irene Cornell has been a reporter at WCBS for 40 years, and she still...
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NEW YORK (AP / CBSNewYork) - Two diamond dealers will spend more than a year in prison after being convicted of staging a heist in hopes of snaring insurance money to save their failing New York City business.

WCBS 880’s Irene Cornell: They Were Diamond Dealers Going Broke When They Devised A Wild Scheme

Mahaveer Kankariya and Atul Shah were sentenced Friday to 20 months to five years behind bars. The range reflects the possibility of parole.

The 49-year-old Shah sobbed as he told a judge he “will carry the sin of this case” for the rest of his life. Kankariya’s lawyer says his 45-year-old client is “enormously remorseful.”

Authorities say Shah and Kankariya arranged to have two supposed robbers descend on the shop on New Year’s Eve 2008. They claimed the robbers made off with millions of dollars’ worth of gems.

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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