Coimbatore: Praveen Rana, accused of multi-crore investment fraud using his ‘Safe and Strong Company’ in Thrissur, was nabbed by police from Pollachi on Wednesday.
He was hiding in the guise of a Swami in a quarry in Devarayapuram near Coimbatore. Police have learned that a man from Perumbavoor has arranged the hide-out for Rana here. He also contacted the family members using the mobile phone of the migrant workers. This is how the police got the information about his whereabouts. It is reported that the police reached the spot and subdued Rana by force.
Earlier, he escaped from the clutches of the police after a team from Thrissur stormed into his flat in Kochi. However, Rana escaped via a second lift in his flat and fled to the Chalakudy area using a car.
The CCTV footage also showed his car leaving the flat. However, he was not inside the car when police intercepted the vehicle in Chalakkudy.
Praveen Rana (KP Praveen) had embezzled huge amounts by offering attractive interest rates to the investors, according to the police. Through his company, Rana is alleged to have embezzled around Rs 100 crore. At present, there are 18 cases against him at different police stations in Thrissur.