Former Owner of Alpha Omega Jewelers Arrested, Indicted

Raman Handa has been charged with wire fraud

Raman Handa, the former owner of Boston-area jewelry chain Alpha Omega Jewelers, was arrested on Feb. 21 at Los Angeles International Airport in conjunction with a 2011 indictment for wire fraud.

The unsealed indictment charges Handa with 12 counts of wire fraud. According to a statement from the Justice Department, the 67-year-old, who was re-entering the United States at the time of his arrest, had been living in India for 10 years.

The indictment charges that, in 2007, Alpha Omega started experiencing financial troubles and had trouble meeting loan obligations. As a result, Handa allegedly fabricated inventory on credit reports submitted to banks.

In December of that year, Handa and his family abruptly left the United States, says the statement. Later, Alpha Omega filed for bankruptcy, and its lender conducted a detailed review of the company’s inventory. The review revealed over $7 million in inventory either missing or unaccounted for, the indictment charges.

Handa could not be reached for comment.

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JCK News Director

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