The theft took place at Enca Industries, a jewelry manufacturer in the Bronx. The suspects claimed to be part of a large burglary ring, but were unaware they were being monitored by the FBI, who observed the suspects drive to Enca Industries at 4510 Furman Avenue in Woodlawn in the Bronx, disable the alarm system, and spend several hours inside, finally emerging with 11 duffel bags packed full hundreds of pounds of gold and silver. FBI agents followed their vehicles back to Yonkers and Paramus, NJ and arrested the eight men, who ranged in age from 36 to 62 years old.

The jewelry manufacturing plant had also been robbed of $100,000 four month earlier by thieves who had also bypassed the security system.