MUMBAI — The Mumbai Police have sounded a fresh alarm over a rapidly spreading online investment fraud linked to an app called COSTA App Saving, warning citizens not to fall for its promises of lucrative returns. The Economic Offences Wing (EOW) of the city’s Crime Branch said the platform — available on the Google Play Store — is neither registered nor authorised by the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), nor any other financial regulator.
In a public advisory posted on X (formerly Twitter), the police cautioned: “Your vigilance is your best protection; verify before you invest.” The warning follows multiple complaints filed by victims who claim they were lured into depositing money under the guise of a “digital savings and investment” plan that guaranteed high yields.
Complaints Pile Up as App’s Credibility Crumbles
Police officials confirmed that several Mumbai residents have already reported losses after investing through COSTA App Saving. Investigators say the app mimicked legitimate fintech platforms in appearance and tone — offering referral bonuses, daily interest payouts, and sleek dashboards — but operated without regulatory oversight.
“People are drawn in by the illusion of trust created by a professional-looking interface,” said a senior EOW officer. “Once users deposit funds, the operators often disappear, deactivate accounts, or redirect users to non-functional support links.”
The police have advised those affected to immediately file complaints via email to srpieiu.eowmum@mahapolice.gov.in, which connects directly to the cyber and economic offences team handling digital investment frauds.
Parallels With Telangana’s CostaApp Scam
Officials have noted striking similarities between COSTA App Saving and an earlier scam reported in Telangana earlier this year, where a platform named CostaApp allegedly cheated thousands of investors of over ₹15 crore before abruptly shutting down operations.
While investigations into whether both apps share common operators are ongoing, authorities believe the resurgence of “Costa”-branded platforms indicates a broader pattern of rebranded fraud networks targeting regional investors across India.
Regulators Struggle to Contain Digital Investment Scams
The case underscores the growing difficulty Indian regulators face in curbing a surge of unregistered fintech and high-return investment apps proliferating online. Many operate just long enough to gain traction and vanish once complaints rise — exploiting jurisdictional and technical gaps between financial watchdogs, police, and app marketplaces.
Experts warn that as digital savings and micro-investment schemes become more popular, fraudulent clones will likely multiply. “The playbook is simple — promise quick profits, create urgency, and disappear,” said a cybersecurity researcher based in Pune. “Public education, real-time platform takedowns, and stronger coordination between RBI, SEBI, and Google are key.”
The Mumbai Police’s warning serves as yet another reminder in India’s ongoing battle against digital financial frauds: trust, but verify — especially before you invest online.
