Rise and fall of Zahir Rana

Marketing, they say, is the art of making a bald man realise that he needs a comb.

Ponzi-ster Zahir Rana is not a management grad but he understands this definition better than those who spend years in expensive colleges grasping marketing nitty-gritty.

That Rana is a master-seller can be gauged from how he managed to sell the same fraud three times despite garnering a reputation as a cheat. Light-eyed, good-looking, well versed in English, ambitious and confident, Rana had what it took to pull the wool over somebody’s eyes. Interestingly, those associated with him say Rana was driven by gigantic ambitions. They believe that it was the size of his ambition that eventually dwarfed him.

Humble beginnings
An alumnus of St Xavier’s School, Mirzapur, Rana was known as a Math wizard among his friends. Rana, who belongs to a Garasia Muslim family from Napa village in Anand, graduated in commerce and went on to study computers as well. He also worked as a  waiter at a restaurant in Khanpur. “His humble beginnings were no impediment to his big dreams. In fact it drove him,” say sources. Rana has two wives and four children who live with him in Juhapura.

Remo was the beginning
Those who know Rana said that he was always thinking of new schemes to make money. He dreamt of being the next Bill Gates and Remo Marketing, his multi-level marketing company, was the first step in this direction. When the Remo bubble burst in 2003, Rana found himself surrounded by investors who wanted their money back. Rana’s success can be gauged from the fact that he financed barricades set up by traffic police and had even gifted cricketer Kapil Dev a car worth Rs1 crore. Cops soon swooped down on him and Rana found himself behind bars. When Remo Marketing went bust, several investors spanning the entire state and India were believed to have lost over Rs800 crore in the scam.

Once bitten but never shy
With his dreams in tatters and himself in jail, one would have expected the flamboyant businessman to give up. But Rana was made of sterner stuff. “While in jail, Rana came in contact with several dons, and with his smooth-talking managed to charm even them,” say sources. Once out of jail, Rana floated a new scheme. His audacity and confidence can be known from the fact that he held a press conference to announce his new business venture, professing that he had turned a new leaf. Rana branded his new scheme as ‘Dorado’ and renamed his company as ZR’s Shanti Procon Ltd that had its offices in Mithakhali.

Dorado goes the Remo way
Despite his reputation following the Remo debacle, Rana, in a testimony to his marketing skills, managed to get investors for his new scheme. Dorado was nothing but old wine in a new bottle, yet the scheme, another multi-level marketing programme of sorts too found takers. The scheme involved buying gift vouchers of retail firms and bringing in more membership for which the agents would get points that could be redeemed for cash in the future. Investors were lured with the promise of double the investment.

“People have made huge money from my previous scheme. They trust me. The image of Remo will help me expand my new business,” Rana had said when reporters questioned him on his reputation coming in way of his new scheme. Dorado too went the Remo way with investors finally seeking help of police to get back their investments.

Land-plotting scheme
Even while Dorado was on shaky grounds, Rana launched yet another scheme, this time a land-plotting scheme, close to Nal Sarovar titled Kasa Upvan. The same script was repeated with investors filing complaints against Rana for fraud. One complainant in the case has accused him of duping him of over Rs36.50 lakh. He had invested in the plot scheme but was yet to be allotted land. Police have already arrested two directors of Rana’s company and he himself is now in custody. Rana, in his defence, says the scheme is a genuine one but went awry after Abhay Gandhi incident came to light. “People panicked and wanted their investment back. I have tried to give them as much as I could but they were not willing to wait,” Rana had said. “I haven’t duped anyone. All those who invested in my schemes are known to me and know that I won’t cheat them.”

Rana is a rich man
Having suffered several setbacks in almost all his schemes, one would have expected Rana to go bust by now. But sources who have closely followed Rana’s meteoric rise and an equally interesting fall say that Rana has managed to earn a profit out of his every venture. When Dorado went bust, Rana was the owner of several high-end luxurious cars and even had a network of bodyguards, says the source. “Rana is fond of the good life and is owner of several luxurious accessories including sunglasses and watches,” said the source.

He also has several properties in posh localities across the state including in Vadodara. Sources familiar with his property say that he owns two luxurious flats in the Muslim Society in Navrangpura, and has a huge property in Sarkhej area of the city.

Not end of road
Despite setbacks, Rana has vowed to make a success of his business. “Let me come out of jail. I will prove myself as a successful businessman,” Rana had said after his arrest. “If my intention was to cheat, why would I be staying at my residence in Mumbai? I could have escaped anywhere, but I didn’t.”