After a Decade Abroad, Alpha Omega Owner Faces Charges for Multi-Million Dollar Fraud Scheme

LEXINGTON, MA – The former owner of Boston-area jewelry chain Alpha Omega Jewelers was arrested Tuesday in Los Angles after almost 10 years abroad. Former Lexington resident Raman Handa, 67, will now face charges for a multi-million dollar scheme to defraud the company's former lenders.

Handa was taken into custody after returning to the United States from India, where he had been living for almost 10 years. Authorities unsealed a 2011 indictment on Wednesday charging Handa with 12 counts of wire fraud.

Handa owned Alpha Omega Jewelers, a fine watch and jewelry retail chain in greater Boston. From May to December 2007, Alpha Omega experienced significant financial problems and had difficulty keeping current with its loans at several banks. Handa allegedly falsified illegal inventory on reports submitted to banks in an effort to obtain additional loans, the U.S. Attorney's office said.

The reports were then used by the banks to calculate the credit limit for the retailer, and included inventory such as luxury watches and high-end items from Indian jewelry vendors that Alpha Omega never had, according to the USAO.

On Dec. 15, 2007, Handa and his family left the United States, prompting Alpha Omega's lender to take over the company and conduct a detailed review of the company's inventory. According to authorities, the review yielded more than $7 million in missing or unaccounted for inventory.

Handa will appear in U.S. District Court in Los Angeles on Friday, Feb. 24. His first court date in Boston has not yet been scheduled.

Editor's Note: This story was written using information provided by the U.S. Attorney's Office. The individual charged is presumed innocent until proven guilty.

Image via Shutterstock