Man arrested for ₹6 crore investment fraud

The Economic Offences Wing (EOW) of Cyberabad Police has arrested Nikhil Kumar Goel, a key accused in a ₹6 crore investment fraud, for allegedly luring investors with promises of high returns and then duping them.

He was arrested from his residence at Mothinagar on Wednesday, following an investigation into complaints of cheating and criminal breach of trust.

The case was booked following a complaint by a 25-year-old private employee from Chandanagar, who reported being defrauded after being persuaded by the accused to invest in a scheme that promised annual returns of 30-48%.

Police said that the accused, along with his associate Cyrus Hormusji, operated under the firm name Fibwave Analytics LLP. The firm, presented as a legitimate consultancy and investment platform, used a referral-based system to expand its network, targeting acquaintances, friends, and former colleagues of the accused.

Early investors received regular payouts, but payments stopped abruptly in May 2024. The firm later issued vague notices about internal disputes and structural changes before all communication ceased. Offices were vacated and the promoters went incommunicado.

According to investigators, 18 victims have so far produced documentary evidence showing a total loss of ₹3.33 crore. However, during interrogation, Goel confessed to having collected nearly ₹6 crore from over 50 to 60 people.

Statements from 13 witnesses have been recorded, and forensic examination of bank transactions has confirmed significant deposits into the firm’s IndusInd Bank account. A mobile phone allegedly used to manage the scam was seized.

Goel revealed that the scheme was conceived in 2017 by Hormusji, who remains at large. Together, they formalised the plan under an agreement titled “Turnkey & Consultancy Management” and began raising funds by 2018.

Searches conducted at the residences of both accused revealed the properties to be locked. Efforts are on to trace and apprehend the co-accused.

Cyberabad Police have appealed to the public to come forward if they have had dealings with Fibwave Analytics LLP or have been approached with similar investment offers. Further investigation is on.