Overview

• Cyberabad EOW arrested Cyrus Percy Hormusji on September 27 at his North Goa residence following a tip-off, produced him before a local court, and brought him to Hyderabad.
• Investigators say Hormusji and associate Nikhil Kumar Goel operated as Fibwave Analytics LLP, pitching unusually high returns through personal contacts and a referral network.
• Interrogation findings indicate nearly Rs 6 crore was raised from about 50–60 investors, while 13 documented complainants report losses totaling roughly Rs 3.33 crore.
• Police recorded statements from 13 witnesses, seized financial records, and traced large deposits to the firm’s IndusInd Bank account.
• Authorities report the accused admitted the intent was to defraud, and the search continues for other suspects and potentially recoverable assets as more victims are urged to come forward.