Cyberabad police arrest accused in ₹6 crore investment fraud case in Hyderabad
HYDERABAD: The Economic Offences Wing (EOW) of Cyberabad police has arrested one accused in a major investment fraud case involving deposits worth about ₹6 crore collected under the pretext of high returns.
The case (Crime No. 36/2025) was registered under Sections 316(2), 318(4) of the Bharatiya Nyaya Sanhita and Section 5 of the Telangana State Protection of Depositors of Financial Establishments Act, following a complaint by Talakokula Akhil, 25, a private employee from Chandanagar.
Promises of high returns
According to investigators, the accused — identified as Cyrus Percy Hormusji (A2) and his associate Nikhil Kumar Goel (A3) — operated under the name Fibwave Analytics LLP. They lured investors by offering unusually high annual returns ranging between 30% and 48%.
Goel, a former employee of Wells Fargo, used his personal contacts and reputation to persuade friends and colleagues to invest. The firm created a referral system to widen its base and signed advance agreements with depositors. Investors received payouts until May 2024, when payments abruptly stopped.
Subsequently, Fibwave Analytics issued notices citing internal disputes and changes in business structure. Soon after, its offices were vacated and communication with investors ceased.
Victim losses
So far, 13 victims have produced evidence of being defrauded of ₹3,33,35,000. During interrogation, Hormusji disclosed that nearly 50–60 clients may have been cheated of about ₹6 crore.
Arrest in Goa
On September 27, 2025, based on intelligence, a police team arrested Hormusji from his residence in Deva Shri Greens, North Goa. He was produced before the Judicial Magistrate First Class, Mapusa, Goa.
Police said Hormusji admitted that the scheme was planned in 2017 with Goel. In 2018, they executed an agreement titled “Turnkey & Consultancy Management” and began collecting funds. He revealed that the intention was to defraud investors.
Investigation progress
Police have recorded statements from 13 witnesses and examined bank records, including large deposits in Fibwave Analytics’ IndusInd Bank account. Searches were conducted at the residences of the accused, which were found locked.
The investigation is being led by Assistant Commissioner of Police B Somnarayan Singh under the supervision of Deputy Commissioner of Police (Crimes & EOW) A Muthyam Reddy.
Public appeal
Cyberabad police urged other investors who may have been approached by Fibwave Analytics LLP to come forward with information to aid the investigation.
