Thrissur: District Collector Krishna Teja has issued an order for the confiscation of properties belonging to the primary suspect, Praveen Rana, in the Safe and Strong investment fraud case. Rana, who spent nine months in jail, was released on bail just yesterday. The directive for property confiscation follows closely on the heels of his release.
The properties targeted for confiscation include Praveen Rana’s offices at Adam Bazar, Puzhaikal, and Safe and Strong Nidhi Limited. Additionally, other assets held in the names of both Praveen Rana and other implicated individuals will be subject to seizure. The Tehsildars in the respective areas are entrusted with the responsibility of executing the confiscation process, as per District Collector VR Krishna Teja’s order under the BUDS Act.
With a total of 260 cases lodged against Rana across various stations for the illicit acceptance of deposits and fraudulent activities, concerns among investors have escalated, fearing potential losses. It was in response to these apprehensions that the District Collector took decisive action to initiate the confiscation of the implicated parties’ properties.
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