HYDERABAD: The Economic Offences Wing (EOW) of Cyberabad police has arrested a key accused in a multi-crore investment fraud that duped scores of people with promises of high annual returns. The scam, run in the name of Fibwave Analytics LLP, is estimated at `6 crore. The accused was identified as Cyrus Percy Hormusji.
Police said Hormusji and his associate, Nikhil Kumar Goel, projected Fibwave Analytics as a legitimate investment firm, luring investors with promises of 30%–48% annual returns and a referral network. Goel, a former Wells Fargo employee, reportedly used his professional connections to gain trust. Investors signed agreements and received payouts until May 2024, when payments stopped. The firm then cited internal disputes and restructuring before vacating its offices and cutting communication.
So far, 13 victims have lodged complaints, reporting losses of Rs 3.33 crore, though Hormusji admitted the firm collected nearly Rs 6 crore from 50–60 clients across cities.
On September 27, Cyberabad police arrested Hormusji from his North Goa residence and produced him before the JMFC Court in Mapusa. During interrogation, he confessed that Goel initiated the scheme in 2017 and that they formalised a partnership in 2018 to mobilise funds with the intent to defraud investors. A probe is underway.