- Associated Press - Friday, February 24, 2017

BOSTON (AP) - The former owner of a Boston-area chain of high-end jewelry stores is facing wire fraud charges after authorities say he created bogus inventory reports for lenders to receive larger loans.

Raman Handa, formerly of Lexington, owned now-closed Alpha Omega Jewelers.

Federal prosecutors say in 2007 when the chain had trouble keeping up with loan payments, the 67-year-old Handa created a scheme to defraud lenders by lying about inventory reports used to determine credit limits.

The reports included luxury watches and other items the chain didn’t actually have.

After Handa left the U.S. for India in 2007, the chain’s lender gained control of the company and discovered more than $7 million in missing or unaccounted for inventory.

Handa was arrested Tuesday. It could not immediately be determined if he has a lawyer.

Sign up for Daily Newsletters

Manage Newsletters

Copyright © 2020 The Washington Times, LLC.

Please read our comment policy before commenting.


Click to Read More and View Comments

Click to Hide