The man claiming to have the world’s largest cut emerald has been arrested in Kelowna in connection to multiple fraud offences that took place in Ontario.

Regan Reaney claims the massive green crystal, which he bought recently in India, is a 57,500 carat emerald worth at least $1.15 million. His massive gem was set to be auctioned off Saturday through Western Star Auctions in Kelowna. He hoped to earn seven-figures for it at the auction.

The auctioning off of Reaney’s gem went on as planned, but it didn’t sell, said Barb Johns of Western Star Auctions.

She declined to comment further on the matter.

Kelowna RCMP confirmed in a news release that they executed outstanding warrants for Reaney’s arrest. They said he’s accused of multiple fraud offences out of Hamilton, Ontario.

Police in Kelowna became aware of his warrants through interaction with Reaney and made the arrest once Ontario agreed to return him to their jurisdiction, they said in the release.

Reaney had recently arrived in Kelowna. Police said more details about the arrest would be available on Monday.

Earlier this month Jeff Nechka, of Premier Gems in Calgary, appraised Reaney’s big emerald. He said its value is in the size of it.

The opaque gem is only commercial quality but weighs 11.5 kilograms, he said.

Nechka said Reaney’s crystal was dyed—which he noted in the appraisal—but he said it’s probably green beryl that has been enhanced.

Emeralds are a rare form of the mineral beryl. White beryl is common and largely worthless.

“This is 100 per cent real,” Reaney said last week. “There are other gemologists who have looked at this. It is enhanced and it’s dyed, we know that, but it is an emerald, 100 per cent.”

But Shane McClure, the director of west coast identification services at the Gemological Institute of America in Carlsbad, California, said white beryl could be dyed any colour or intensity you want. He recommended that any potential buyer get a private appraisal before making a purchase like this.

eduggan@vancouversun.com