Raman Handa, former owner of the well-known Boston-area jewelry chain Alpha Omega Jewelers, will appear in the U.S. District Court in Boston on Tuesday, March 7th.
Handa, aged 67, was arrested on Feb 21st, at Los Angeles International Airport as he returned to the United States from India where he had been living for almost 10 years following the scam to defraud company’s former lenders. He will appear before the U.S. District Court Magistrate Judge Marianne Bowler.
Handa has an initial appearance on Tuesday before the Magistrate Judge Bowler at 2 pm, Liz McCarthy, a public affairs specialist at the U.S. Attorney’s Office in the District of Massachusetts, told to the INDIA New England News. According to the indictment, Handa was owner of the Alpha Omega Jewelers, a fine watch and also jewelry retailer in the Boston-area. From the May 2007 to December 2007, Alpha Omega Jewelers experienced severe financial troubles, and had difficulty in keeping current with the loans it had with several banks. As a part of the scheme to defraud the Alpha Omega’s lenders and in order to obtain additional loans, Handa allegedly fabricated the inventory on reports that were submitted to the banks. These reports were used by the banks to calculate the credit limit for the Alpha Omega, the reports included inventory such as luxury watches and high-end items from the Indian jewelry vendors, which were never possessed by the Alpha Omega.
On Dec. 15th, 2007, Handa and his family abruptly left the United States. After discovering the Handa’s departure, Alpha Omega’s lender took control of the company and conducted a detailed review on the Alpha Omega’s inventory. According to the indictment, the review revealed that over $7 million dollars in missing or unaccounted for the inventory.
The charge of fraud provides for a sentence of no greater than 20 years in the prison, and three years supervised release and a fine of $250,000 on each count. Actual sentences for the federal crimes are typically less than the maximum penalties. Sentences are imposed by the federal district court judge based upon the U.S. Sentencing Guidelines and also other statutory factors.
Mrudula Duddempudi.
