Kerala investment fraud accused held from hide-out in TN

THRISSUR: A prime accused in a multi-crore investment fraud in Kerala was nabbed from a hide-out in neighbouring Tamil Nadu and arrested on Thursday, police said.

Praveen Rana, the main accused, was found to be hiding in a housing colony in Devarayapuram area near Coimbatore on Wednesday night when a Kerala Police team reached there tracing the mobile phone location of persons close to him.

Rana was at large for some time after the local police registered cases and began investigation against him based on the complaints of several people whom he had duped of lakhs of rupees which they deposited in his investment firm based in Thrissur.

He had allegedly cheated the investors by offering huge interest rates and over Rs 100 crore had been reportedly embezzled from various people in this manner.

A senior police officer confirmed that he was taken into custody from a hide-out near Coimbatore in the neighbouring state.

However, he rejected local media reports that the accused was disguised as a pilgrim when he was caught.

"Rana's arrest is recorded. Over 30 cases were against him in various police stations in the district," the officer told PTI.

He was not ready to divulge more details when asked about reports that the accused claimed to be a 'pauper' now as there is apparently no money in his bank accounts.

Further information can be revealed only after a detailed interrogation, the officer added.