Mumbai: The Economic Offences Wing (EOW) of the Mumbai Police has received multiple complaints against “COSTA App Saving,” an unregistered online investment platform accused of duping investors with promises of unusually high returns.
According to an EOW officer who spoke to The Free Press Journal, a whistleblower alerted the unit about the fraudulent app, alleging that it lured people into investing by guaranteeing quick and unrealistic profits. Acting on the alert, the EOW issued a public advisory on Mumbai Police’s official X (formerly Twitter) handle, warning citizens not to fall prey to the scam.
App Not Registered With RBI or SEBI
EOW officials confirmed that a criminal case has already been registered against COSTA App Saving in Telangana. The app, currently available on the Google Play Store, is not registered or authorized by the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), or any other financial regulatory authority.
“Citizens are strongly advised not to invest in unauthorized or unregulated apps or platforms. Always verify investment services through RBI, SEBI, or other relevant authorities before committing funds,” the advisory stated.
Those who have already invested in the illegal platform have been urged to lodge a complaint with the EOW, Mumbai, or email details to srpieiu.eowmum@mahapolice.gov.in.
Details of Telangana FIR
According to the FIR filed at Jangaon Police Station on January 18, 2025, complainant Kokala Nagaraju alleged that the accused Thokala Sridhar Yadav and Shaik Ikramuddin introduced the COSTA App through a promotional meeting at Satyasai Function Hall.
They claimed the app was part of a legitimate company, “Costa Well Grown,” promising significant profits on small investments. Trusting their claims, Nagaraju invested ₹3 lakh via UPI and Paytm QR codes. Initially, he received small daily profits, but after ten days, the app stopped paying out.
When confronted, the accused failed to provide any explanation. Another victim, Kamuni Naveen Kumar, reportedly lost ₹22,000 in a similar manner. The complainant later discovered that several others had also fallen prey to the scam, leading to the registration of a case. Telangana Police have launched an investigation into the fraudulent operation, which appears to have defrauded multiple investors across states.
EOW Mumbai Urges Caution Against Online Investment Scams
Officials emphasized that online financial scams continue to rise and urged citizens to remain cautious of “too good to be true” investment schemes. Only platforms registered with regulatory bodies such as RBI or SEBI should be trusted, they reiterated.
