There appears to be no end to Ponzi scams. Police have uncovered another investment fraud that cheated many by promising high returns.
Tiforp Trading Services Private Limited, having its offices in Jayanagar 9th Block, wound up overnight, cheating investors to the tune of Rs 3 crore.
While police arrested two suspects, Manjunath B and Masihulla Sharif, who were allegedly closely involved with the firm, the alleged kingpin, Habibullah Sharif, is said to be hiding in Dubai. A Look Out Notice (LOC) has been issued against him.
The suspects apparently led a lavish life, as police seized a BMW automobile worth Rs 80 lakh, a Hyundai Tucson worth Rs 40 lakh, a Toyota Innova worth Rs 15 lakh and two scooters from them, said Isha Pant, Deputy Commissioner of Police (Southeast).
The lid was broken off the scam after Zubair N, 29, an investor, filed a complaint with Tilak Nagar police on January 14. He and his family invested Rs 20 lakh since 2017 after the firm promised monthly returns of 7% to 10%. But the returns never came. When they demanded their capital back, the firm shut up shop.
An investigating officer said they had identified the suspects' immovable properties worth Rs 3 crore and were in the process of seizing them.