Cyberabad: Fibwave Analytics owner arrested in Rs 6 crore investment scam

Hyderabad: The Economic Offences Wing (EOW) of Cyberabad Police has arrested a key accused involved in a major investment fraud case, involving the company Fibwave Analytics, amounting to nearly Rs 6 crore.

The accused, identified as Nikhil Kumar Goel, was apprehended from his residence at Mothinagar on Wednesday.

High returns trap

According to officials, the scam came to light after a complaint was filed by Talakokula Akhil, a 25-year-old private employee from Chandanagar.

Investigations revealed that the accused persons, Cyrus Hormusji and Nikhil Kumar Goel, operated under the firm name Fibwave Analytics LLP and lured victims by promising extraordinarily high returns ranging from 30 to 48 per cent annually.

The duo expanded their network using a referral system, targeting friends, former colleagues and acquaintances. Goel, a former Wells Fargo employee, projected Fibwave Analytics as a fully compliant investment firm, building trust and collecting large deposits after signing advance agreements.

Payments stopped abruptly

The firm regularly paid investors until May 2024, after which payouts suddenly ceased.

Notices were later issued citing internal disputes and business restructuring. Soon, the firm’s offices were vacated and all communication with investors was cut off.

Extent of fraud

Eighteen victims have so far approached the police, producing documents showing they were collectively defrauded of Rs 3.33 crore. During interrogation, Goel confessed to having collected nearly Rs 6 crore from about 50 to 60 investors.

He revealed that the scheme was conceptualised in 2017 by his associate, Cyrus Hormusji.

They formalised an agreement titled ‘Turnkey & Consultancy Management’ in 2018 to begin collecting investments, with the ultimate intention of cheating the investors.

Officials seized Goel’s Deep Purple iPhone 14 Pro Max, used to coordinate the fraud, as crucial evidence.

The EOW has so far recorded statements from 13 key witnesses and verified the bank account details and financial transactions linked to the scam. Investigators found large amounts deposited in the firm’s IndusInd Bank account.

Co-accused absconding

Meanwhile, efforts are underway to trace and apprehend co-accused Cyrus Hormusji, who is currently absconding. Searches at his residence yielded no result as the premises were locked.

Public appeal

Cyberabad Police has appealed to the public to come forward if they have invested in Fibwave Analytics LLP or were approached with similar fraudulent schemes. Officials stated that public cooperation is vital to uncover the full extent of the scam.