Police in Hyderabad’s Cyberabad have busted a major investment scam that swindled people out of Rs 6 crore. The Economic Offences Wing (EOW) arrested one of the key suspects, Cyrus Hormusji, after he promised sky-high returns to lure victims into the trap.
The scam revolved around Fibwave Analytics LLP, a fake investment firm run by Hormusji and his partner, Nikhil Kumar Goel. They tricked investors with promises of 30% to 48% annual returns—way above normal rates—making it sound like a safe bet. “These guys misrepresented their company as a legit investment outfit,” said A Muthyam Reddy, Deputy Commissioner of Police for Crimes and EOW in Cyberabad.
Hormusji and Goel built trust through personal connections, targeting friends, former colleagues, and acquaintances. Goel, who once worked at Wells Fargo, used his network to spread the word via a referral system. Victims signed advance agreements and even got regular payouts until May 2024, which kept the scheme going strong. But then payments suddenly stopped. The firm blamed “internal disputes” and a business shift, before vanishing completely—offices empty, phones silent.
It all started unraveling with a complaint from 25-year-old Talakokula Akhil, a private employee from Chandanagar in Hyderabad. He lost money in the fraud, sparking the EOW investigation. On September 27, officers nabbed Hormusji at his home in North Goa. So far, 13 victims have shared evidence of losses totaling Rs 3.33 crore. Hormusji confessed they pulled in about Rs 6 crore from 50 to 60 people overall.
Bank records show big deposits flowing into the firm’s IndusInd Bank account. The scam kicked off in 2017 when Goel pitched the idea, leading to a formal agreement in 2018 for “Turnkey & Consultancy Management.” Hormusji admitted their real goal was to cheat investors from the start.
The EOW has recorded statements from witnesses and verified financial trails. Assistant Commissioner B Somnarayan Singh is leading the probe under Reddy’s watch. If you invested in Fibwave Analytics LLP or got similar high-return pitches, contact the EOW Cyberabad—they need your help to expose the full scam and bring everyone to justice. This case highlights the risks of too-good-to-be-true investment schemes in India.
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