The wing of economic offenses (EOW) Police in Cyberabad was arrested by Nikhil Kumar Goel, the key accused of investment fraud 6 CRORE, for alleged substances with the promise of high returns and then stomped.
On Wednesday, he was arrested from his residence in Mothinagar after investigating complaints about cheating and criminal violations of trust.
The case was reserved on the basis of a complaint of a 25 -year -old private employee from Chandanagar, who stated that he was cheated after being charged to invested in a system that promised annual revenues of 30-48%.
The police said the accused, together with his collaborator Cyrus Hormusji, operated under the name Fibwave Analytics LLP. The company, presented as a legitimate platform for advice and investment, used a system based on the recommendation to expand its network, focus on acquaintances, friends and former colleagues of the accused.
The first investors received regular payouts, but payments suddenly stopped in May 2024. The company later issued a vague announcement of internal disputes and structural changes before stopping all communication. Offices were released and the promoters went
According to investigators, 18 victims have so far presented documentary evidence that shows the total loss of CRORE 3.33 GBP. During the interrogation, however, Goel confessed to the assembly of nearly 6 crore from more than 50 to 60 people.
The declaration of 13 witnesses was recorded and the forensic examination of banking transactions confirmed significant deposits to the Indusind Bank account. A mobile phone was confiscated allegedly used to control fraud.
Goel revealed that this program was created in 2017 by Hormusji, which remains free. Together they formalized the plan on the basis of an agreement entitled “Key Management and Counseling” and began to raise funds by 2018.
The search made on the residences of both accused revealed that the properties would be locked. Efforts to trace and arrest co -disclosure.
The Cyberabad police called on the public to go when it comes to negotiations with Fibwave Analytics LLP or to be addressed with similar investment offers. Further investigation is turned on.
Published – 23 July 2025 21:20
