Two New York diamond dealers were convicted last week in a $7 million heist designed to defraud their insurance company, news outlets report.

A New York City court found Atul Shah and Mahaveer Kankariya guilty on counts of insurance fraud, attempted grand larceny, and falsifying business records. Shah and Kankariya had claimed that on December 31, 2008, two men dressed as hassidic Jews robbed the offices of Real Creations and Dialite Imports at gunpoint, stealing some $9 million worth of diamonds and jewelry.

The diamond dealers filed an insurance claim for $7 million, which attracted attention when authorities discovered that both businesses were in debt. Prosecutors claimed that Shah and Kankariya had been caught on security camera emptying a safe of the "stolen" jewelry two hours before the alleged robbery took place.

The men are due to be sentenced on April 29 and could face up to 25 years in prison.