Investment fraud accused Praveen Rana was arrested at Pollachi on Wednesday evening. When taken into custody, Rana was in the disguise of a pilgrim.
He was hiding in a labourers' colony at Devarayapuram when a police team from Thrissur nabbed him.
According to reports, Rana, who allegedly duped investors of nearly Rs 150 crore, had no money in possession when arrested.
Two days ago, Rana had given the state police the slip when they raided a flat at Kaloor. He had been on the run since January 6.
Recently, it emerged that Rana had withdrawn Rs 61 crore in small instalments over three months from own account and that of his firm, Safe and Strong Business Consultants.
The license of Rana's firm had been cancelled by the Registrar of Companies last year. A case was registered when it was found that Rana's establishment had operated even without the license.
When the investors realised that the chit firm was on the verge of collapse, they demanded their investments. It was then that Rana reportedly began withdrawing various sums -- from Rs 10 lakh to Rs 1 crore -- and almost emptied the accounts.
