JACKSONVILLE, Fla. — Vladimir Ranguelov, owner of the exotic car dealership Bul Auto, and his sales manager were arrested this week on felony fraud-related charges, according to the Jacksonville Sheriff’s Office inmate portal.
The arrests come just over two months after the FBI announced an investigation into Bul Auto’s Jacksonville location on Beach Boulevard and its second dealership in Albany, New York. Authorities allege the dealerships defrauded customers out of millions of dollars.
In response to the allegations, Karma Automotive, the California-based manufacturer affiliated with Bul Auto, suspended its relationship with Ranguelov and the dealership.
Both locations abruptly ceased operations in mid-June, leaving customers, banks, and lenders scrambling to reclaim vehicles and funds. Video footage obtained by News4JAX shows police and bank officials attempting to seize vehicles reportedly sold multiple times or used as collateral for fraudulent loans.
One Jacksonville customer, who requested anonymity, revealed he lost $260,000 after buying a 2022 McLaren. At the dealership, he discovered another buyer had purchased a vehicle with the same VIN. He also witnessed Karma representatives searching the lot for 10 vehicles but only finding five.
In Albany, New York, customer Michael Abatecola stated he is owed $250,000 for a Lamborghini he never received. “He got $100,000 selling one car two times,” Abatecola said. “Neither one of us has it.”
A Jacksonville customer told News4JAX that a JSO detective informed him the fraud’s scope is far larger than initially thought.
According to JSO records, Ranguelov was charged with dealing in stolen property by use of the internet, organized fraud, and obtaining a motor vehicle with intent to defraud. The sales manager faces charges of dealing in stolen property by use of the internet and obtaining a motor vehicle with intent to defraud.
Both were released on Thursday pending further legal proceedings.
