Former Boston-Area Jewelry Chain Owner Charged in $7M Fraud Scheme | NECN
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Former Boston-Area Jewelry Chain Owner Charged in $7M Fraud Scheme

A 2011 indictment unsealed Wednesday charges Raman Handa with 12 counts of wire fraud

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    Former Boston-Area Jewelry Chain Owner Charged in $7M Fraud Scheme
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    A former Massachusetts man and former owner of a Boston-area jewelry chain who had been living in India for nearly 10 years has been arrested on charges that he tried to defraud the company’s former lenders of more than $7 million.

    According to acting-U.S. Attorney William Weinreb, Raman Handa, 67, formerly of Lexington, was arrested Tuesday at the Los Angeles International Airport as he returned from India.

    A 2011 indictment unsealed Wednesday charges Handa with 12 counts of wire fraud.

    The indictment says Handa formerly owned Alpha Omega Jewelers. From May 2007 to December 2007, the chain went through financial troubles. Handa allegedly fabricated inventory reports for lenders in order to obtain larger loans.

    Handa fled the country with his family on Dec. 15, 2007. His lender took control of the company and discovered more than $7 million missing or unaccounted for inventory.

    Handa is scheduled to appear in U.S. District Court in Los Angeles, California, on Friday. His first court date in the U.S. District Court in Boston, where charges were filed, has not yet been scheduled.

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