<p>There appears to be no end to Ponzi scams. Police have uncovered another investment fraud that cheated many by promising high returns. </p>.<p>Tiforp Trading Services Private Limited, having its offices in Jayanagar 9th Block, wound up overnight, cheating investors to the tune of Rs 3 crore. </p>.<p>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. </p>.<p>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). </p>.<p>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. </p>.<p>An investigating officer said they had identified the suspects' immovable properties worth Rs 3 crore and were in the process of seizing them. </p>
<p>There appears to be no end to Ponzi scams. Police have uncovered another investment fraud that cheated many by promising high returns. </p>.<p>Tiforp Trading Services Private Limited, having its offices in Jayanagar 9th Block, wound up overnight, cheating investors to the tune of Rs 3 crore. </p>.<p>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. </p>.<p>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). </p>.<p>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. </p>.<p>An investigating officer said they had identified the suspects' immovable properties worth Rs 3 crore and were in the process of seizing them. </p>