Never Invest in This Savings App, You Could Lose Your Lifetime Earnings; Police Issue Warning

Mumbai (The Uttam Hindu): The Economic Offences Wing (EOW) of Mumbai Police has warned investors against a major online scam linked to an app called “Costa Savings.” The app has received multiple complaints for deceiving people with false promises of unusually high returns. Though available on Google Play Store, it is not recognized by the Reserve Bank of India (RBI), SEBI, or any other regulatory authority. Police said the app appears to be a fraudulent platform designed to cheat people of their hard-earned money.

In recent days, the EOW has received dozens of complaints. Complainants said that advertisements for the app promise monthly returns of 20–30 percent — something impossible in any legitimate investment.

According to officials, the app’s servers are based abroad, making transactions hard to trace. Police suspect that hundreds of users may have fallen into the trap, with total losses possibly reaching crores of rupees. The scam mainly targets those looking for quick and easy profits, particularly young and middle-class investors.

In an official advisory, Mumbai Police urged citizens not to invest in any unregulated or suspicious apps. Before investing, always verify the platform’s authenticity on the official websites of RBI, SEBI, or other relevant authorities.

Police further advised that anyone who has already invested in the Costa Savings app should immediately contact the Mumbai EOW. Complaints can be filed via email, including full transaction details, screenshots, and contact numbers.

The EOW added that filing complaints quickly increases the chances of recovering lost funds. The department is currently investigating the network behind the app and is in the process of freezing suspicious accounts.