Hyderabad: In a developing case of criminal breach of trust and cheating, two persons—Cyrus Hormusji and Nikhil Kumar Goel—have been charged with cheating the public by accepting deposits under false promises of high returns on investments. Functioning under the name Fibwave Analytics LLP, the duo claimed to lure victims with the promise of unprecedented profits, operating under a referral-based system to expand their reach.
Goel, who used to work for Wells Fargo, promoted Fibwave as a “legally compliant investment firm”, giving the operation a veneer of legitimacy. But the company suddenly suspended making routine payments in May 2024. Shortly afterward, it was found that the company offices had been abandoned and all avenues of communication severed.
Preliminary probes have established a minimum of 18 victims, backed by documents, with combined amounts defrauded totaling Rs 3,33,35,000. But while under interrogation, Goel confessed to accepting Rs 6 crore, which goes on to indicate the scam may have been even broader in scope.
Cyberabad Economic Offences Wing (EOW) headed by Sri A. Muthyam Reddy, Deputy Commissioner of Police (Crimes) has till date taken statements of 13 major witnesses. Bank account information and financial records were recovered and verified, and considerable deposits in the company’s accounts were found.
Attempts are being made to track and arrest the second accused, Cyrus Hormusji, who is still absconding.
The EOW has urged the public to come forward with any information or complaints relating to the scam, in a bid to uncover its full extent and ensure justice for the victims.
