Hyderabad, July 24 -- In a developing case of criminal breach of trust and cheating, two persons-Cyrus Hormusji and Nikhil Kumar Goel-have been charged with cheating the public by accepting deposits under false promises of high returns on investments. Functioning under the name Fibwave Analytics LLP, the duo claimed to lure victims with the promise of unprecedented profits, operating under a referral-based system to expand their reach.

Goel, who used to work for Wells Fargo, promoted Fibwave as a "legally compliant investment firm", giving the operation a veneer of legitimacy. But the company suddenly suspended making routine payments in May 2024. Shortly afterward, it was found that the company offices had been abandoned and all avenues...