Mumbai: The Mumbai Police Crime Branch’s Economic Offences Wing (EOW) has issued an alert warning citizens against investing in an unregistered online platform named COSTA App Saving, which has allegedly duped multiple investors through false promises of exceptionally high returns.
EOW Warns About Fraud App
In an advisory shared on its official handle on X (formerly Twitter) on Tuesday, Mumbai Police said that the EOW has received several complaints about the app’s fraudulent activities. According to the police, COSTA App Saving, available for download on the Google Play Store, is neither registered nor authorized by the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), or any other regulatory authority.
The advisory strongly cautioned citizens to avoid such unregulated investment schemes and stressed the importance of verifying the authenticity of financial platforms before investing. “Please note that COSTA App Saving, available on the Google Play Store, is not registered or authorized by the RBI, SEBI or any other regulatory authority,” the statement read.
The police reiterated that legitimate investment platforms are always registered with government regulators and urged people to confirm details through official RBI or SEBI portals before making any financial commitments. “Citizens are strongly advised not to invest in any unauthorized or unregulated apps or platforms. Always verify investment platforms with RBI, SEBI, or other relevant regulatory bodies before committing any funds,” the post added.
For those who may have already fallen victim to the app’s fraudulent activities, the EOW has opened a dedicated channel for complaints. Affected individuals can contact the Economic Offences Wing directly or send detailed information via email to (mailto:srpieiu.eowmum@mahapolice.gov.in).
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Officials also reminded citizens that vigilance is key in preventing financial frauds, especially at a time when online investment scams are rapidly evolving. “Your vigilance is your best protection; verify before you invest,” the police said, using hashtags #TooGoodToBeTrue and #InvestSafe to spread awareness.
This advisory comes amid a surge in digital financial scams across the country, where fraudsters lure unsuspecting investors with promises of unrealistic returns. The police have urged users to immediately report suspicious apps or websites and to rely only on verified, regulated investment avenues.
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