Cyberabad EOW Files Chargesheet in Major Investment Fraud Case
The Economic Offences Wing (EOW) of Cyberabad has officially filed a comprehensive chargesheet in the high-profile Fibwave Analytics investment fraud case. This legal action targets Nikhil Kumar Goel, a former employee of a multinational financial services company, and his associate Cyrus Percy Hormusji, a prominent businessman. The duo stands accused of orchestrating a sophisticated scheme that allegedly cheated approximately two dozen individuals out of nearly Rs 6 crore by enticing them with promises of extraordinary annual returns reaching up to 48%.
Details of the Chargesheet and Court Proceedings
The chargesheet was formally submitted against Fibwave Analytics LLP, which operated from the WeWork building located in Hyderabad's bustling Financial District. Alongside the company, the document names Cyrus Hormusji (45), a resident of Mumbai, and Nikhil Goel (37), who hails from Moti Nagar. This legal filing was presented before the First Additional District and Sessions Judge Court in Rangareddy district, specifically at the LB Nagar location, during December 2025.
In a significant development, the court took cognizance of the chargesheet in the second week of January, subsequently issuing official summons to all the accused parties. This marks a crucial step forward in the judicial process, setting the stage for the upcoming trial.
Origins of the Fraudulent Scheme
According to detailed statements from EOW officials, the partnership between the accused began when Cyrus Hormusji, a native of Pune, met Nikhil Goel at a corporate event in Hyderabad back in 2017. Inspired by this encounter, the duo decided to establish a business venture in 2018. Their strategy involved collecting substantial deposits from investors while guaranteeing annual returns that ranged dramatically from 30% to 48%, figures that far exceeded conventional investment opportunities.
Victim Testimony: A Chandanagar Resident's Ordeal
One of the affected investors, T. Akhil, a 25-year-old private firm employee residing in Chandanagar, shared his distressing experience. Akhil invested a total of Rs 14.75 lakh between August 23, 2022, and February 29, 2024. He revealed that he was introduced to Nikhil Goel by his sister-in-law, who happened to be Nikhil's colleague at the time.
"My sister-in-law informed me that Nikhil was actively collecting deposits for a finance business operating under the name Fibwave Analytics. She emphasized that the scheme offered a fixed high interest rate ranging from 30% to 48% per annum. Witnessing her own investments from 2018 and the consistent monthly payouts she received, I gradually developed confidence in the scheme and ultimately decided to invest my hard-earned money," Akhil explained.
Investigation Findings and Financial Trail
EOW investigators have confirmed that the accused successfully collected approximately Rs 6 crore from various investors. However, a perplexing aspect of the case emerged when the crime proceeds could not be traced in the bank accounts of the accused. The individuals claimed that a portion of the funds had been returned to investors as interest payments, while the remainder was allegedly spent on personal expenses, complicating the financial trail.
Official Statements and Upcoming Trial
"We have meticulously recorded statements from all the victims involved in this case. There is clear and undeniable evidence of bank transactions between the victims and the accused. Based on this substantial evidence, we have proceeded to file a chargesheet. The trial is expected to commence in the near future," stated an EOW official, highlighting the strength of the case.
The formal case was registered on July 17, 2025, following a detailed complaint filed by T. Akhil. In connection with the investigation, Nikhil Goel was arrested in July from Hyderabad, while Cyrus Hormusji was apprehended in September from Goa. Both individuals spent approximately 40 days each in judicial remand and are currently out on bail as the legal proceedings advance.
