The Tilak Nagar police have arrested two persons from a finance company for allegedly duping several investors by promising them high returns and cheating them of ₹3 crore. “We suspect there could be more money involved,” said a senior police officer.
However, the prime accused, Habibullah Shariff, who runs the trading service, which has offices in Jayanagar 9th Block, is absconding. “He fled to Dubai and we have got an LOC issued against him,” said Isha Pant, Deputy Commissioner of Police (South East).
The other accused, Manjunath Balraj, 31, and Masiulla Shariff, 32, are partners at the firm. They have allegedly been scamming investors since 2017 by promising them 10% returns on investment.
Based on a complaint filed by one of the investors, Zubair N., the Tilak Nagar police registered an FIR. According to the complainant, he and his relatives had deposited ₹20 lakh with the firm in December 2017. “However, the accused neither paid the promised interest nor returned the principal amount. After approaching them many times over the years, he filed a complaint,” said a police source. The police have seized two high-end cars and two motorcycles worth ₹1 crore from the accused. They have also seized the trading firm’s financial records.
Published - January 26, 2020 12:19 am IST
