Gujarat Exclusive > Gujarat news > Court denies bail to Ponzi kingpin Zahir Rana

Court denies bail to Ponzi kingpin Zahir Rana


Aaquib Chhipa, Ahmedabad: The Ahmedabad Sessions court rejected the bail application of Ponzi kingpin – Zahir Rana who is accused of cheating several people in a case registered with the Ellisbridge Police Station in 2014.

The court while rejecting the bail of the accused observed that Zahir Rana is a habitual offender and three similar kinds of cases are registered against him with Navrangpura Police Station and CID Crime Gandhinagar.

As the investigation is still on and the charge sheet has not been filed yet, the court was not inclined to grant bail to the accused.

Advocate for the accused said that the alleged offence occurred in 2011 and the FIR was filed with the Ellisbridge

Police Station in 2014- a gap of three years in filing the case and the actual incident happening.

He said the money that Rana is accused of cheating was given to another co-accused Saurabh by the applicant Zahir Rana. He said nothing was recovered from Zahir Rana’s possession.

Cases against Zahir Rana

Last month Zahir Rana was arrested by the state police and is accused of duping Paldi-based industrialist Bhimsinh Parmar in the year 2011-12.

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According to the complaint filed by Parmar, Rana promised to give him three houses for Rs 24 lakh in Narol in 2011. Soon after he was arrested by city police in an alleged ponzi scam and the metropolitan court had issued a non-bailable warrant against Zahir Rana in 2019.

Parmar said after the arrest of Zahir Rana, he researched the scheme under which he was promised the house and realized that no such apartment existed as claimed by Rana. Rana is also involved in several other Ponzi schemes in Gujarat. He was arrested by state CID crime last month.



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