Thrissur: Praveen Rana, who was in jail for Safe and Strong Business Constancy and Chit Funds investment fraud cases, has been granted bail. He had a total of 260 fraud cases across various districts of the state. For the past ten months, Praveen Rana has been held in remand at Viyyur District Jail. He was released after getting bail in the Wayanad case as well.
He was arrested in Coimbatore during the investigation into the numerous fraud cases linked to him. He had fled the state on January 6 of the same year. His arrest followed a series of complaints filed against him at different police stations within the state.
Rana’s defence revolved around claims that he had channelled funds into multiple projects across the country. However, investigations revealed that many of the companies registered at the address of the Safe and Strong Business Constancy and Chit Funds in Thrissur were paper companies. Praveen Rana had acquired a total of Rs 138 crore into 33 different accounts under the name of investments.
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