Man Held for ₹6 Crore Investment Scam

Quick Summary

• Cyberabad Police’s Economic Offences Wing (EOW) has arrested Nikhil kumar Goel for a ₹6 crore investment fraud.
• Goel and his associate, Cyrus Hormusji, operated under the firm Fibwave Analytics LLP, falsely presented as a legitimate consultancy and investment platform.
• The scheme promised annual returns of 30-48% but abruptly ceased payments in May 2024 after issuing vague notices about internal disputes.
• Investigators identified nearly ₹3.33 crore in documented losses from 18 victims, though Goel confessed to raising ₹6 crore from over 50-60 people.
• Evidence includes witness statements, bank transaction analysis, and seizure of a mobile phone linked to managing the scam.
• Hormusji remains at large while efforts continue to trace him; the firm’s properties have been locked and vacated.
• Cyberabad Police has asked others impacted by fibwave Analytics LLP or similar schemes to come forward.

Indian Opinion analysis

The arrest of Nikhil Kumar Goel highlights growing concerns over fraudulent investment schemes that exploit loopholes in regulatory oversight while taking advantage of public financial aspirations. This case underscores vulnerabilities that allow small-scale firms like Fibwave Analytics LLP to thrive using referral-based systems targeting acquaintances-a strategy built on trust that later precipitates larger systemic damage when betrayed.

India’s rising economy makes it particularly susceptible to scams promising unrealistic high returns amid investor eagerness for growth opportunities. The police investigation demonstrates an effective response but also raises questions about preventative measures needed against similar operations in financial markets nationwide.

Public awareness campaigns emphasizing skepticism towards unreasonably high-return offers could strengthen consumer protections alongside stricter regulations focusing on lesser-known private entities operating outside formal platforms.

Read More: Economic Offenses News – July 23