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Update to Disappearance of Alpha Omega's Owner

Dec 21, 2007 8:47 AM   By Jeff Miller

RAPAPORT... It was reported yesterday that Raman Handa, owner of the Alpha Omega Jewelry chain, was nowhere to be found, but today press reports confirm that Handa and his family indeed left Boston for India a few days ago.

Alpha Omega has stores in Boston, Cambridge, Burlington, and Natick. Content from the website has been pulled. Handa's bank has taken possession of the assets at his stores, which were closed for business Thursday. There are conflicting reports on the fate of the stores -- some report that the chain would be sold before the end of the year, and others deny that claim.

The legal team for Handa contends he is being treated for illness in India and planned to return to the states in a couple of weeks.

According to financial records, Handa used his $2 million home in Lexington, Massachusetts, for collateral to keep his chain stores operational. His attorney told the press that they are negotiating with the bank to reopen Alpha Omega.

Tags: India, Jewelry
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