Hyderabad: Prime suspect in Rs 6 crore investment fraud arrested

Hyderabad police arrested Cyrus Percy Hormusji in Goa for a Rs 6 crore fraud. He and a partner ran Fibwave Analytics, promising big returns. They stopped payments in May 2024. Over 50 people may have lost money. Investigation is ongoing

Hyderabad: The Cyberabad Economic Offences Wing (EOW) officials have arrested one of the prime suspects in a Rs 6 crore investment fraud, where victims were lured with promises of abnormally high returns.

The arrested person, Cyrus Percy Hormusji, was nabbed from his residence in North Goa on September 27, following a tip-off. He was later produced before the local court and brought to Hyderabad.

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According to police, Hormusji, along with his associate Nikhil Kumar Goel, floated Fibwave Analytics LLP and promised annual returns of 30 per cent to 48 per cent to unsuspecting investors.

Using personal networks and a referral system, they collected huge sums, initially paying out dividends before abruptly halting payments in May 2024. The firm later shut down operations, vacated offices, and stopped communication.

So far, 13 victims have filed complaints, reporting a collective loss of over Rs 3.33 crore. Interrogation of the suspect further revealed that nearly Rs 6 crore was collected from 50 to 60 investors.

Police have also traced large deposits made into the firm’s IndusInd Bank account. EOW has seized financial records and continues to trace the whereabouts of other accused. Police requested citizens to report if they have been duped by Fibwave Analytics LLP.