Will police be able to frame Zaheer Rana this time?

AHMEDABAD: He was Midas of the middle-class who held promise to change their lives with a single stroke. However, when the bubble burst in 2003, Zaheer Rana, a resident of Juhapura with humble beginnings, was already a rich man through his flagship company Remo Marketing involved in multi-level marketing schemes.
Rana was convicted for fraud running into crores and also served sentence for five years. However, his never-say-die attitude brought him back to the business he knew best - defrauding people. While the Navrangpura police have already arrested two directors of Dorado FinTech, a company owned by Rana for cheating worth Rs 26 lakh, police are still to get clinching evidence against Rana, who has already become smarter from his earlier endeavour.
"During our investigation, we got to know that Rana is nowhere in the picture of Dorado FinTech or two other ventures floated by him. Bipin Solanki and Rupesh Chauhan, the two arrested by us, are registered as directors of the company with registrar of companies, whereas the bank accounts also don't have Rana's signature as signing authority.
Thus, he has virtually played a puppeteer to the entire scheme with a comfortable distance," said a Navrangpura police official.
While police have already recorded statements of the directors exposing Rana's role, they are now studying the cash flow in the cases. "We got to know that little money was accepted through cheques and most of the deals took place in cash, not registered on company books. Thus, following the money is difficult. So far, we have received eight complaints for cheating of Rs 26 lakh but we believe the amount of cheating to be more than Rs 50 lakh," said the official.
Investigators said that the investors were lured by prospects of earning 20% returns every month. "Explaining their business scheme, the promoters used to tell investors that they are running a supply chain for the malls in the city and state and make profits. They want money to run the chain and the profit would go to the investors through re-investment of the amount," said a senior city police official.
According to investigators, Rana is suspected to be in Mumbai at the moment and in touch with his associates in the city.