Mike Abatecola, an unique automotive proprietor, not too long ago purchased a Lamborghini from Vladimir “Val” Ranguelov, Vendor Principal of Bul Automotive in Albany, New York.
A short time after, Abatecola says, Ranguelov persuaded him to promote the automotive again to him for an improve — so he did. However the dealership didn’t repay the remaining mortgage steadiness.
By the point Abatecola realized what had occurred, Ranguelov had already taken the automotive, leaving him $200,000 in debt.
Due to the FBI, Abatecola was reunited together with his luxurious automobile in June.
However he’s nonetheless in shock.
“I’m nonetheless numb,” he informed WNYT NewsChannel 13. “I don’t make that form of cash to be robbed.”
After Abatecola approached the FBI and shared his story on-line, greater than a dozen different consumers responded with related complaints. Ranguelov had two dealerships, Bul Automotive in New York and Karma Automotive in Jacksonville, Florida, which abruptly ceased operations in June.
After the FBI received concerned, Abatecola’s Lamborghini was recovered. Nevertheless, the tangled net of unpaid loans and potential second-buyer claims stays beneath investigation. Affected clients are actually exploring a class-action lawsuit.
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Abatecola’s ordeal comes amid a nationwide slowdown in automobile theft and associated fraud. The Nationwide Insurance coverage Crime Bureau (NICB) discovered U.S. auto thefts totalled 850,708 in 2024 — down 17% from 2023.
The District of Columbia led with the best price of 842.40 reported thefts per 100,000 residents, adopted by California, with 463.21 thefts per 100,000 residents.
Although theft charges have decreased not too long ago, auto criminals have grown extra subtle in recent times. From title washing, which includes wiping something perceived as unfavorable — like salvage standing or flood harm — from a used automobile’s document to VIN cloning, which masks stolen or broken automobiles with legit identification numbers, it’s troublesome to know what you’re actually shopping for.
