Daijiworld Media Network – Mumbai

Mumbai, Nov 4: The Mumbai Police have issued a strong warning to citizens against investing in ‘COSTA App Saving’, an unregistered investment platform accused of duping investors with false promises of high returns.

In an alert shared on X, the Mumbai Police Crime Branch’s Economic Offences Wing (EOW) said it has received several complaints from victims who were allegedly defrauded through the app. “COSTA App Saving, available on the Google Play Store, is not registered or authorized by the RBI, SEBI, or any other regulatory authority,” the post stated.

Authorities cautioned investors against falling prey to such fraudulent schemes and urged them to always verify investment platforms with relevant financial regulators before investing. “Your vigilance is your best protection; verify before you invest,” the police warned.

Citizens who have already invested in the app have been advised to report their complaints to the EOW at srpieiu.eowmum@mahapolice.gov.in.

While further details are yet to be disclosed, officials said the app appears similar to a previous scam in Telangana, where a fraudulent investment platform named CostaApp cheated thousands of investors of over ?15 crore earlier this year before abruptly shutting down operations.

The Mumbai Police reiterated that they are closely monitoring digital investment frauds and urged the public to exercise caution when dealing with online financial platforms.