Mumbai Police Warns Against 'COSTA App Saving' Platform Amid Rising Cyber Fraud Complaints
COSTA App Saving, which is available on the Google Play Store, is not registered or authorised by any competent authority, according to the Mumbai Police.
The Mumbai Police on Tuesday issued a warning against the ‘COSTA App Saving’, an unregistered investment platform, after receiving multiple online fraud complaints.
“Mumbai Police Crime Branch's Economic Offences Wing (EOW) has received multiple complaints against 'COSTA App Saving', an unregistered platform accused of defrauding investors through false promises of unusually high returns,” the Mumbai Police said in a post on X.
The complaints were received by the Economic Offences Wing (EOW) of the Mumbai Police. According to the authorities, COSTA App Saving, which is available on the Google Play Store, is not registered or authorised by any competent authority.
“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 post added.
The police warned the citizens against investing in any such unauthorised or unregulated apps or platforms, which lead to financial fraud. “Always verify investment platforms with RBI, SEBI, or other relevant regulatory bodies before committing any funds,” it said.
Individuals who have already invested in the platform have been advised to report their complaints to the EOW Mumbai. The police also shared the details of the platform where complaints can be raised by potential victims.
“Complaints and relevant details can also be emailed to srpieiu.eowmum@mahapolice.gov.in,” the post said.
“Your vigilance is your best protection; verify before you invest,” the Mumbai Police said, concluding its X post.
While the police have not revealed full details about the app, it appears similar to a previous scam in Telangana.
In January 2025, a fraudulent online investment scheme called CostaApp duped thousands of investors of Rs 15 crore. The app mainly targeted people in Jangaon and Warangal districts. After collecting investments from its victims, the app suddenly shut down, leaving users in distress.
Many victims filed complaints after being lured by promises of profits, following which the Jangaon police launched an investigation into the alleged financial fraud.
