It is hard to tell how Praveen Rana, accused of multi-crore investment fraud, deceived government agencies and investors to build his empire in Thrissur. The story of KP Praveen becoming Praveen Rana, the owner of ‘Safe and Strong Company’ is filled with deceptions, lies and cunning business tactics.
Through his company, Rana is alleged to have embezzled around Rs 100 crore. His fraudulent activities came to light after the government suspended the licence of his company. As a result of not providing the promised benefits, the investors approached the police, and the house of cards came tumbling down around them.
Before he adopted the name Praveen Rana, he was just an engineering graduate running a mobile shop in Thrissur. In later years, he began to acquire businesses that had closed outside the state. After making a fortune, he switched his interest to owning pubs and spas. He successfully started a liquor business by launching bars outside the state. However, he returned to Kerala after learning that investigation agencies in those states were looking for him. Later, he founded 'Safe and Strong Nidhi Company' and 'Consultancy'.
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He promised investors a sum of Rs 3,000 per month if they invested Rs 1 lakh. He also assured that when the investment matured, investors would receive their money back. By investing in consultancy, he also assured an interest of around 40 per cent. Convinced by his claims, many invested in the company and received hefty returns.
The company also had branches in Palakkad. Events related to the company were held in large hotels and resorts.
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