Swindlers have it easy in Kerala. Even as the escapades of fake antique-dealer Monson Mavunkal are fresh in the minds of the public, another man has pulled off a multi-crore investment scam. The latter, Praveen Rana, who was arrested from Tamil Nadu the other day, strangely resembles Monson in his deceit.
The silver-tongued Monson could take anybody for a ride with his tall claims doled out in the most convincing way. And it was through a mountain of lies and deceptions that the controversial fake antique dealer built his empire and pulled off the most audacious scam that the state ever witnessed.
He called himself a billionaire engaged in the business of antique products and how he succeeded in duping several people, including the big names, is outside of logic. Many parallels can be drawn between Monson Mavunkal and Praveen Rana, the kingpin of the multi-crore investment fraud.
The investors fell for the boasts by Rana that he was raring to build a vast business empire capable of lifting India to the zenith of the world. He made investors believe that he will find a place among the 10 top rich in India by 2025 with his investments in liquor, hotel, tourism, real estate, and port sectors.
Monson’s strategy was to befriend and surround him with political and bureaucratic big shots. Most of them were top-level police officers. In Rana’s close circle, there are many top police officers in Kochi. Both have close friends in the film field as well.
The rise and fall
Kaippully Pushkaran Praveen, aka K P Praveen, is the son of a mason who rose to be a contractor building houses. He grew up without facing financial constraints. He had an education in public schools.
When Praveen’s father started house construction as a contractor, he developed a respect for the civil engineers who drew the plans. The father dreamed of owning a company in which the son draws the plans for projects, and the father realizes them. He admitted the son to an engineering college in Thrissur. Though Praveen completed his studies, he didn’t pass out of the course.
Praveen started a firm named Kaippully's Business Group by taking a shop room on rent on the second floor of a building at Kunnathangadi Junction near his house at Veluthoor. The main business was marriage and job consultancy.
By integrating Kaippully Cinemas into the group, he declared starting film production. He established connections with several people in the event management and mega-show sectors to grow in these fields.
He organised a mega-show titled ‘Youth Ratna Awards’ at Lulu Convention Centre at Puzhakkal in 2010. The best hero award was presented to Prithviraj and Bala was chosen as the best villain and given an award. However, when he defaulted on payments to serial artists, drivers, and light and sound operators, trouble erupted.
However, Rana had made deft moves to avoid cases. He had arranged contracts with the help of advocates to hold the show and also bring actors. He made it a point to secure his side with these contracts. However, the climax of it was all the more shocking: Praveen duped the advocates who helped him draft secure contracts. He didn’t pay anyone the promised fees!
Though he suffered a setback in running the show, he opened an office at the Adam Bazar building in Thrissur town. He established himself in the direct marketing and money chain sectors.
Praveen invested the profit he secured from businesses in pubs and dance bars which were on the verge of closure in Mumbai, Pune, Bangalore, and Goa, and reaped huge profits. His investments back home came down. However, by giving huge interest promptly, he attracted more investors. He branded his financial firm with the name ‘Safe and Strong’.
From 2015-16, he started arriving in luxury cars accompanied by bodyguards at Kunnathangadi. Benz and BMW started rolling down the untarred narrow road near the colony. And in the end, he purchased a Rubicon luxury vehicle.
In between his one-story house turned into a three-story house. He also bought a few houses and plots nearby. Since Praveen found it difficult to take the luxury cars to his house through the narrow road, he bought plots in the front areas. Praveen constructed sheds that could accommodate up to 10 cars. He also fitted the compound wall and the gates with busts of lions and other such impressive elements.
He added a Dr prefix to his name and branded himself a Life Doctor. He attracted investors through TV Shows and publicity through social media. He made his name into Praveen Rana in place of K P Praveen.
Middlemen were taken to pubs and made to believe that they were his businesses and thus gained their confidence. Crores of rupees then flowed as investment. He gave back the principal and interest of investors who sought the same on maturity using fresh investments and thus scuttled the scope for complaints.
However, his business derailed when his luxury and splurge exceeded limits. A sum of Rs 25 lakh alone was spent on making a teakwood box album of his wedding, which was organised and celebrated, reportedly spending Rs 4 crore. The value of his cars alone comes to Rs 3 crore.
In 2020, he made the film ‘Anan’ and acted in it. However, the film didn’t reach the movie halls. In 2022, he made the film ‘Choran’, meaning 'thief' in English, and acted in it. No sooner had he done this than the name stuck to him!
With the number of investors coming down, he defaulted on the payment of principal and interest to early investors. He managed initially by paying those who raised complaints first. When the complaints increased, he withdrew investments in several places and went underground. The other day, Praveen was arrested.
