By M Srinivas
Copyright deccanchronicle
Hyderabad: The Economic Offences Wing (EOW) of Cyberabad police arrested a person in a high-profile case of cheating and criminal breach of trust involving the collection of public deposits under false promises of high returns. The case was registered following a complaint received from a 25-year-old private employee from Chandanagar. The accused persons – Cyrus Hormusji and Nikhil Kumar Goel operating under the firm name – Fibwave Analytics LLP – allegedly deceived multiple individuals by promising extraordinarily high returns on investments ranging from 30 per cent to 48 per cent annually, the police said. Using a referral system, they expanded their reach, collecting deposits from a broad network of victims, including friends and former colleagues of Nikhil Kumar Goel, who previously worked at Wells Fargo, lured investors by misrepresenting Fibwave Analytics as a legally compliant investment firm. 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. As of the ongoing investigation, 13 victims came with documented evidence. Based on information, a police team apprehended Cyrus Percy Hormusji from his residence at North Goa. Upon interrogation, he revealed his role in the fraudulent investment scheme. He revealed that the idea was initially proposed in 2017 by his associate Nikhil Kumar Goel. They executed an agreement titled “Turnkey and Consultancy Management” in 2018 and began collecting funds. He admitted that the ultimate intention was to defraud investors, said Cyberabad EOW Deputy Commissioner of Police A Muthyam Reddy. Explaining the current status of investigation, Reddy said the statements from 13 key witnesses have been recorded. Bank account details and financial records have been collected and verified. Investigators found a large amount deposited in the firm’s bank account. A search was conducted at the residences of the accused but the premises were found locked. In a public advisory, the Cyberabad police urged individuals who may have invested in Fibwave Analytics LLP or were approached under similar false pretenses to come forward and provide information. Public cooperation will be crucial in unraveling the complete extent of this financial scam.
