Albany Business Owner Vanishes: Customers Say They’ve Lost Hundreds of Thousands of Dollars

The Federal Bureau of Investigations (FBI) are looking into the disappearance of Vladimir “Val” Ranguelov, President of a Capital Region car dealership that has now abruptly closed. One former customer is saying he was taken for hundreds of thousands of dollars.

"We regret to inform you that we have ceased operations" is the message you will find at the Bul Auto Sales and Service website. The dealership, located on Central Avenue in Albany, specialized in late-model European, exotic, specialty vehicles and repairs. How many have been scammed? Where is the money? Where is Val?

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Bul Auto Sales had locations in Albany as well as Jacksonville, Florida. Today both dealerships, owned by Vladimir Ranguelov, have shut down. Now customers in 2 states are worried about their unpaid loans and potential fraud.

Michael Abatecola claims to be a victim, according to a YouTube video he posted, after buying a Rolls-Royce from Bul, selling it back to Bul so Ranguelov could re-sell the vehicle to a 3rd party. The plan was to pay off Abatecola's loan, both parties make some money and the 3rd party gets a Rolls. Problem is Abatecola says Ranguelov never paid off the loan.

A second New York resident shared his experiences with Bul Auto, which also had a partnership with Karma Auto and Alpha Romeo. This YouTube video claims the victim loaned Ranguelov $20,000 and has not been paid back.

News4 Jacksonville reports that some victims are concerned that Ranguelov may have left the country to avoid arrest. If you feel you are a victim related to Bul Auto please contact Colonie, NY Police at 518-783-2744.