Hyderabad: The Economic Offences Wing (EOW) of Cyberabad Police has arrested two persons who allegedly played a major role in a high-return investment scam through Fibwave Analytics LLP.
The company is said to have fraudulently collected public deposits worth around Rs 6 crore, resulting in major cheating and criminal breach of trust.
How the fraud was carried out
Cyberabad DCP (EOW) A Muthyam Reddy on Monday said that the accused, Cyrus Percy Hormusji (A2) and Nikhil Kumar Goel (A3), lured investors by promising annual returns ranging from 30 to 48 per cent.
Using personal connections and a referral system, they targeted friends, colleagues and acquaintances. Investors were persuaded with signed agreements, regular payouts and the appearance of a legitimate investment firm.
The payouts continued until May 2024, after which the firm abruptly stopped payments, citing internal disputes and a change in business structure. Eventually, the firm vacated its offices and all communications with investors ceased.
Modus operandi of the accused
Investigations revealed that Nikhil Kumar Goel, who previously worked at Wells Fargo, was the mastermind behind the scheme. Cyrus Percy Hormusji executed the plan under Goel’s guidance.
Together, they had formalised their operations through an agreement titled ‘Turnkey and Consultancy Management’ in 2018.
The duo exploited trust built over years of personal and professional relationships, convincing investors that Fibwave Analytics LLP was legally compliant. Funds were collected under the pretence of consultancy and investment management, but the ultimate intention, as confessed by the accused, was to defraud investors.
Impact on victims
So far, 13 victims have come forward with documented evidence of being cheated, amounting to Rs 3.33 crore. During interrogation, Cyrus Percy Hormusji revealed that a total of around Rs 6 crore was collected from 50–60 investors.
Cyrus Percy Hormusji was arrested on September 27 at his residence in North Goa and produced before the JMFC, Mapusa.
Statements from 13 key witnesses have been recorded, and investigators are examining bank accounts, financial records, and documents related to the firm.
Large amounts were found deposited in the firm’s IndusInd Bank account. Searches at the accused’s residences were conducted, but found to be locked.
Fibwave Analytics investors asked to come forward
EOW Cyberabad has appealed to anyone who invested in Fibwave Analytics LLP or was approached under similar schemes to come forward.
Public cooperation is crucial to unravel the full extent of this fraudulent investment racket.
