Jeweler Flees, Fakes Millions: Handa Arrested After Decade on the Run

BOSTON – A decade of dodging justice ended Tuesday for Raman Handa, 67, the former owner of Boston-area jewelry chain Alpha Omega Jewelers. Handa was taken into custody at Los Angeles International Airport upon his return from a self-imposed exile in India, facing charges in a brazen multi-million dollar fraud scheme that left lenders holding the bag.

Handa, formerly of Lexington, Mass., is charged with 12 counts of wire fraud, stemming from a 2011 indictment unsealed yesterday. The feds allege that from May to December 2007, as Alpha Omega Jewelers teetered on the brink of financial collapse, Handa cooked the books, fabricating inventory reports submitted to banks. These weren’t minor adjustments; the scheme involved listing luxury watches and high-end jewelry – items Alpha Omega never actually possessed – to inflate its credit limit.

The house of cards collapsed in December 2007 when Handa and his family vanished from the United States. Alpha Omega’s lenders quickly stepped in, seized control of the company, and initiated a forensic accounting review. The results were damning: over $7 million in missing or unaccounted-for inventory. Handa wasn’t just mismanaging; he was systematically looting the company, leveraging false assets to secure further loans.

The scheme allowed Handa to continue operations while concealing the true financial state of the company. The indictment details how these fabricated reports were instrumental in securing additional funding, essentially propping up a failing business with borrowed money built on lies. The sudden departure of Handa and his family raised immediate red flags, prompting the investigation that ultimately led to his arrest.

Handa is scheduled to appear in U.S. District Court in Los Angeles on Friday, Feb. 24, 2017, before being extradited to Boston to face the charges. Each count of wire fraud carries a potential sentence of up to 20 years in prison, three years of supervised release, and a $250,000 fine. While maximum penalties are steep, actual sentencing will be determined by a federal judge based on U.S. Sentencing Guidelines and other factors.

Acting United States Attorney William D. Weinreb and Harold H. Shaw, Special Agent in Charge of the FBI’s Boston Field Division, announced the arrest. Assistant U.S. Attorney Jordi de Llano of Weinreb’s Economic Crimes Unit is prosecuting the case, promising to bring the full weight of the law down on Handa for this calculated and costly deception. This case serves as a stark reminder that financial crimes, no matter how cleverly concealed, will eventually come to light.