Two Diamond District wholesalers were arrested for allegedly staging a $4 million jewel heist in 2008, the NYPost reported.

Atul Shah (48) and Mahaveer Kankariya (43) were charged with grand larceny, insurance fraud and falsifying business records in connection with the bogus gunpoint robbery at their Midtown store on New Year’s Eve.

A law enforcement source quoted by the paper said that enhanced video surveillance footage showed the owners stealing the jewelry prior to the fake heist.

"The whole thing was set up," one source said.

The bogus heist took place on December 31, 2008, when the robbers – sporting Orthodox garb of black coats, hats and beards – arrived at the store, pulled out guns and held up Shah and another employee, cops said.

The “heist" mimicked the opening scene of the film "Snatch," in which Benicio Del Toro and a slew of diamond thieves disguise themselves as Hasidic Jews. Shah was ordered to clean out the safe of all diamonds and jewels. The intruders then tied up the two men with duct tape before fleeing.