Hyderabad, Sept. 29 -- The Economic Offences Wing (EOW), Cyberabad, has cracked down on a major investment scam involving Rs 6 crore.

The masterminds behind the fraud, Cyrus Hormusji and Nikhil Kumar Goel, operated under the firm name Fibwave Analytics LLP, promising unusually high returns on investments to unsuspecting victims, according to a press release from A Muthyam Reddy, Deputy Commissioner of Police, Crimes & EOW, Cyberabad.

Hormusji and Goel lured investors with promises of 30-48% annual returns, misrepresenting Fibwave Analytics as a legitimate investment firm.

They used a referral system to expand their reach, collecting deposits from friends, former colleagues, and acquaintances.

Investors were convinced to part with thei...