“The world’s largest emerald” stone that went up for auction on Saturday failed to have any bids at all due to rumours soaring that there was in fact no emerald properties in the stone. On Saturday morning the owner of the emerald stone - Regan Reaney was arrested for fraud charges after he claimed that the 57, 500 carat large emerald stone was worth more than $1 million. Earlier this month, the emerald stone was appraised and the appraiser admitted that the stone had been dyed but stataed the stone was 100% emerald. The stone weights 11.5 kilograms was named Teodora – from the Greek meaning of “gift from god.” After Mr. Reaney was arrested, the stone still went to auction, but failed to prompt any bidders due to the rumours circulation of its realness. The Emerald was set to be auctioned on Saturday in Canada at the Western Star Auction House. The owner of the auction house Mike Odenbach, wanted the sale of the emerald stone to raise the publicity of his auction house. He told one Newspaper the stone was a “stunning, a thing of beauty”. The Stone has defiantly raised interest for the auction house, with big newspapers around the world headlining the stone.