Telangana: EOW Cyberabad cracks down on investment scam involving Rs 6 crore

Hyderabad (Telangana) [India], September 29 (ANI): The Economic Offences Wing (EOW), Cyberabad, has cracked down on a major investment scam involving Rs 6 crore.
The masterminds behind the fraud, Cyrus Hormusji and Nikhil Kumar Goel, operated under the firm name Fibwave Analytics LLP, promising unusually high returns on investments to unsuspecting victims, according to a press release from A Muthyam Reddy, Deputy Commissioner of Police, Crimes & EOW, Cyberabad.
Hormusji and Goel lured investors with promises of 30-48% annual returns, misrepresenting Fibwave Analytics as a legitimate investment firm.
They used a referral system to expand their reach, collecting deposits from friends, former colleagues, and acquaintances.

Investors were convinced to part with their money through personal persuasion and trust built over years, with advance agreements signed and regular payouts made until May 2024, added the release.
The case was registered following a complaint received from Sri Talakokula Akhil, a 25-year-old private employee from Chandanagar, Hyderabad.
Reddy said, "The accused persons, A2-Cyrus Hormusji and A3-Nikhil Kumar Goel, operating under the firm name Fibwave Analytics LLP, deceived multiple individuals by promising extraordinarily high returns on investments ranging from 30 per cent to 48 per cent annually. Using a referral system, they expanded their reach, collecting deposits from a broad network of victims, including friends and former colleagues of A3-Nikhil Kumar Goel, who previously worked at Wells Fargo, lured investors by misrepresenting Fibwave Analytics as a legally compliant investment firm."
On September 27, 2025, the EOW arrested Cyrus Hormusji from his residence in North Goa. Thirteen victims have come forward with documented evidence, collectively defrauded of Rs 3.33 crore, while Hormusji revealed that approximately Rs 6 crore was collected from 50-60 clients.
Statements from key witnesses have been recorded, and bank account details and financial records have been verified, revealing large deposits in the firm's IndusInd Bank account.
"Investments were collected through personal persuasion and trust built over years of acquaintance. Advance agreements were signed, and regular payouts were made until May 2024, after which payments abruptly stopped. The firm subsequently issued notices citing internal disputes and a transition in business structure as reasons for non-payment. Eventually, it was found that the firm's offices were vacated and all communications ceased," he further said.
"He revealed that the idea was initially proposed in 2017 by his associate Nikhil Kumar Goel. Together, they executed an agreement titled "Turnkey & Consultancy Management" in 2018 and began collecting funds. He admitted that the ultimate intention was to defraud investors," said Reddy.
The EOW Cyberabad requested any other individuals who may have invested in Fibwave Analytics LLP or were approached under similar false pretences to come forward and provide information. Public cooperation will be crucial in unravelling the complete extent of this financial scam.
The case is being investigated by B Somnarayan Singh, Assistant Commissioner of Police, Economic Offences Wing, Cyberabad, under the supervision of A Muthyam Reddy. (ANI)