Former Bad Boy Records rapper and current Belize politician Shyne is raking Diddy across the coals after the mogul’s arrest — and is blaming him for destroying his hopes and dreams!!!

Shyne held a press conference with Belizean media as Diddy was being denied bail on Wednesday … and did his ex-boss no favors in the background.

According to Shyne’s recollections, he was a fresh-faced 18-year-old with dreams of cracking superstardom and making his mother proud.

He claims all that was snatched away when Diddy framed his defense in the 1999 NYC club shooting against Shyne — and sent him to prison for nearly 10 years!!!

It’s been over 2 decades, but Shyne Po’s debut in 2000 put out several hits on the Billboard charts and established him as a street rapper with endless rhymes about drugs, guns and murder.

Shyne also downplayed his reunion with Diddy last year … Combs’ multi-million-dollar empire had the means to impact his impoverished Belizean economy — and the retired rapper says he took full advantage!!!

One reporter got a real-life LOL moment from Shyne when he asked him directly if he ever attended any “Freak Offs,” which have been the center of social media convos thanks to the excessive amount of baby oil feds reportedly seized from Diddy’s home.