Indo-American businessman arrested on the charge of defrauding On the charges of defrauding the former lenders, an Indian-American businessman has been arrested at the Los Angeles International Airport on his return from India. An Indian-American businessman previously owned a popular jewellery chain in Boston.
Handa, 67 yrs old, was produced before a US court in Los Angeles yesterday following the arrest this week. He would eventually be brought to Boston for a formal trial.
On Thursday, a 2011 indictment unsealed charges Handa with 12 counts of wire fraud.
as per the indictment that Handa owned the Alpha Omega Jewellers, a watch and jewellery retailer in the Boston-area.
On 15th December 2007, Handa and his family left the US. After discovering the departure of Handa, lenders of the Alpha Omega took control of the company and conducted a detailed review of the inventory of theAlpha Omega.
As per the indictment that the review revealed over USD 7 million in missing or unaccounted for inventory.
In a statement, FBI said that the charge of wire fraud provides for a sentence of no greater than 20 years in prison, three years supervised release and a fine of USD 250,000 on each count.