Hyderabad: The Economic Offences Wing of Cyberabad Police has arrested Nikhil Kumar Goel, a key accused in a Rs 6 crore investment fraud operated through the firm Fibwave Analytics LLP. The scam lured dozens of investors with promises of high annual returns and collapsed after payouts stopped in May 2024.
Based on a complaint from Talakokula Akhil of Chandanagar, the Cyberabad Police registered a case and so far identified 18 victims who were defrauded of Rs 3.33 crore. However, during interrogation, Goel allegedly admitted to collecting over Rs 6 crore from 50 to 60 individuals.
Goel, a former Wells Fargo employee, misrepresented Fibwave as a legitimate, high-yield investment venture. Using personal networks and referrals, he and co-accused Cyrus Hormusji induced investors with false guarantees of returns ranging from 30% to 48%. Signed agreements and initial payouts gave a veneer of legitimacy until the operation abruptly ceased.
Victims were later issued notices citing internal restructuring, but by then, the firm’s offices were shut and all communication cut off.
Acting on intelligence, a police team apprehended Goel on July 23 from his residence in Mothinagar. In his confession, he admitted that Hormusji proposed the scheme in 2017 and the two formalised operations in 2018 under a bogus “Turnkey & Consultancy Management” agreement.
Authorities seized Goel’s iPhone 14 Pro Max used in the fraud. Bank records confirm large deposits into Fibwave’s IndusInd Bank account.
Thirteen witness statements have been recorded, and efforts to trace Hormusji, who is absconding, are ongoing. Searches at known addresses of both accused found properties locked.
The EOW has appealed for additional victims of Fibwave Analytics to come forward. The case is being investigated by ACP B. Somnarayan Singh under the supervision of DCP A. Muthyam Reddy.
