A Hyderabad-based investment firm that promised sky-high returns has unraveled into a police investigation spanning states. With confessions from one of its alleged masterminds, the Fibwave Analytics case reveals the anatomy of a scam that preyed on trust, professional connections, and the hope of financial security.
A Fraud Wrapped in Promises of Wealth
The Economic Offenses Wing (EOW) of Cyberabad police this week arrested Cyrus Percy Hormusji, a North Goa resident, in connection with a multi-crore investment fraud that has left scores of investors reeling. Operating under the name Fibwave Analytics LLP, the firm lured clients with assurances of 30%–48% annual returns and a robust referral network.
Investigators estimate the fraud at ₹6 crore, though victims say the scale could be far larger. Hormusji and his associate, Nikhil Kumar Goel, projected the company as a legitimate financial services enterprise. Goel, a former Wells Fargo employee, is accused of leveraging his professional networks to attract investors, who were persuaded by written agreements and the credibility of his corporate background.
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For a time, payouts flowed smoothly. But by May 2024, the payments stopped. Investors were told of “internal disputes” and restructuring efforts. Soon after, Fibwave vacated its offices and cut all lines of communication.
Confessions and a Timeline of Deceit
On September 27, Cyberabad police tracked Hormusji to his residence in North Goa and produced him before the Judicial Magistrate First Class (JMFC) Court in Mapusa. During interrogation, Hormusji confessed that Goel had initiated the fraudulent scheme in 2017. By 2018, the two men had formalized a partnership explicitly designed to mobilize funds with the intent to defraud.
Police said Hormusji admitted the firm collected nearly ₹6 crore from 50–60 clients across cities. Yet, only 13 victims have come forward so far, reporting losses amounting to ₹3.33 crore. Authorities believe more complaints may surface as the probe continues.
A Pattern of Exploitation and Broken Trust
The scam exploited a familiar formula: build initial trust with consistent small payouts, then solicit larger investments once credibility has been established. Fibwave’s promise of high returns—far above market norms—was reinforced by the professional profiles of its founders, lending a veneer of legitimacy.
Legal experts say the case illustrates a deeper crisis in India’s investment ecosystem, where individuals are increasingly targeted by firms blending legitimate financial jargon with fraudulent intent. “The sophistication of these scams lies in how they mimic real investment operations,” one analyst noted. “The victims often have little recourse until it is too late.”
Police have invoked provisions of financial fraud under the Bharatiya Nyaya Sanhita (BNS) and continue to investigate the role of associates and the movement of funds across shell accounts. Officials say a wider network could be implicated, and recovery of siphoned assets will be a long battle.
