Hyderabad: EOW Nabs Accused in Investment Scam
Searches at the residences of both accused were conducted, but they were found locked. Efforts are on to trace Hormusji, who remains absconding. The EOW has appealed to other victims to come forward and support the ongoing investigation.
Hyderabad: The Economic Offences Wing (EOW) of Cyberabad police on Tuesday arrested a 30-year-old Nikhil Kumar Goel for allegedly defrauding investors of nearly Rs 6 crore by promising unusually high returns.
According to the police, the accused was a partner in Fibwave Analytics LLP, which falsely claimed to offer annual returns of 30 to 48 per cent. Goel and his associate Cyrus Hormusji lured investors through personal connections, referrals and advance agreements. The firm paid returns until May 2024, after which all payments stopped abruptly.
“Goel misrepresented the firm as a legitimate investment platform. When payments ceased, the firm blamed internal disputes and restructuring. Soon after, it vacated its premises and communication with clients was severed,” police said.
So far, 18 victims have lodged complaints, reporting losses totalling Rs 3.33 crore. During questioning, Goel admitted to collecting around `6 crore from more than 50 clients since 2018. He also revealed that the idea was originally conceived by Hormusji in 2017, with whom he had signed a “Turnkey and Consultancy Management” agreement.
Goel was arrested from his residence in Mothinagar. His mobile phone, allegedly used in the fraud, was seized. A case has been registered under Sections 316(2), 318(4), and Section 5 of the Telangana Depositors Act.
Searches at the residences of both accused were conducted, but they were found locked. Efforts are on to trace Hormusji, who remains absconding. The EOW has appealed to other victims to come forward and support the ongoing investigation.
