Brian Cruz is wanted for the murder and is believed to be armed and dangerous. He is six feet tall, 175 pounds with black hair and brown eyes and was last seen in the western suburbs.
Jhobalia, 62, was found dead in his trunk on Saturday near his home in west suburban Lyons. Neighbors said his car had been parked behind his home until police searched it after obtaining a warrant.
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The Lyons police, along with the Major Case Assistance Team (MCAT), are investigating the death.
A possible motive was not immediately disclosed by police.
An autopsy determined that he died of "multiple sharp force injuries" and ruled his death a homicide, according to the Cook County Medical Examiner's Office.
Anyone who sees Cruz is asked to call 911 immediately.