Sydney man bailed over $170k diamond theft

A man who allegedly swindled more than $170,000 worth of diamonds from sellers in Sydney 16 years ago has been granted bail.

Police say they received multiple complaints in 2002 about a man within the diamond trade who had failed to return or pay for items supplied to him.

On Thursday night, Haroutioun Arakelian, 52, was arrested in Wentworth Point.

He faced Burwood Local Court on Friday, charged with 21 counts of larceny by a bailee and was granted bail on the condition he live at a Wentworth Point property and report to police in Bulahdelah weekly.

Arakelian was excused from appearing at court on November 15, when the case returns to court.