Thrissur: The Crime Branch of the Kerala Police has taken over the investigation into the multi-crore investment fraud case in which entrepreneur Praveen Rana has been arrested.
The State Crime Branch steps in after Thrissur City Police C Branch and East police jointly carried out a probe and nabbed Rana who is the promoter of a financial enterprise named ‘Safe and Strong’.
The Crime Branch has been handed over the probe likely in view of Rana's links to a few high-profile people with whom he had clandestine financial transactions. However, the official explanation is that Crime Branch probe has been necessitated considering the increasing number of complaints and the amount involved.
The number of complaints has crossed 100 and the likely amount defrauded is estimated to be in the range of Rs 150 crore.
Rana might have received at least Rs 150 crore in investment, as he collected Rs 1 lakh to Rs 20 lakh from several individual depositors after promising them up to 48% interest, police had stated earlier.
He made the investors believe he owned the dance bars and other properties in Mumbai, Pune, and Bangalore. In fact, they were either taken on rent or run on partnership.
Praveen Rana (K P Praveen), a native of Veluthur, Arimpur, in Thrissur, was the Chairman and Managing Director of ‘Safe and Strong’ investment firm. Praveen, who has an MBA degree after Engineering, set up the firm seven years ago as a business consultancy and chit-fund company before he started collecting deposits by promising high returns.
