He's accused of being a "fence."

A jewelry store in Philadelphia has been raided following the owner's arrest on allegations of acting as a fence in connection with a burglary ring.

Federal agents arrived at V Jewelers on the city's Jewelers' Row on Sunday evening, the Associated Press reports.

Owner Wasim Shazad stands charged with "dealing in proceeds of unlawful activity, receiving stolen property, failing to report precious metal transactions and corrupt organizations," according to the news agency.

Shazad, who was arrested days before the raid, is believed to be connected with a burglary ring that hit homes in Chester, Delaware and Montgomery counties, WPVI-TV reports. The stolen goods were reported to be worth $1.5 million.

According to WPVI, prosecutors are claiming that Shazad used three storefronts to buy and sell the merchandise.

He's set to appear in court on Feb. 2.

Read more at AP and WPVI

 
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