IT’S THEFT, ALL THE WAY DOWN: Shocking unearthed footage shows parents pretending to drop kids off at a Minnesota day care center.

Shocking unearthed video from a 2018 state fraud case shows Minnesota parents dropping their children off at a day care center and then leaving with the kids moments later — as authorities probe a rampant billion-dollar fraud scheme in Minneapolis.

In the surveillance footage, dated 2015 and obtained by Fox 9, parents are seen signing their kids into the facility so providers could bill the state for full days of care for children who didn’t actually attend.

On some days, no families would even show up at all, but the day cares would still claim reimbursements from the government, the outlet reported at the time.

The alleged phony day care centers also gave kickbacks to parents involved.

The clips — which were recorded in 2015 but only came to light in 2018 — resurfaced amid outrage sparked by a viral video from independent journalist Nick Shirley that showed multiple child care centers in Minnesota that had received millions in state funding despite appearing inactive.

US Education Secretary Linda McMahon called the alleged fraud a “breathtaking failure.”

Not until they got caught — and maybe not even then, depending on what, if anything, happens next.