Indian Police Warn of Illegal Investment App 'COSTA App Saving'

On November 4, the Mumbai police warned the public via the social media platform X to be cautious of an illegal investment app named “COSTA App Saving.”

According to the Economic Offenses Wing (EOW) of the Mumbai Police's Crime Branch, multiple complaints regarding the “COSTA App Saving” app have been received recently. This unregistered platform reportedly deceives investors by promising extremely high returns on online trading.

Although the app is available on the Google Play Store, it is not supervised by the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), or any other regulators.

Meanwhile, Mumbai police strongly advise investors to verify platform credentials through relevant watchdogs like the RBI and SEBI before committing funds, and to avoid investing via unregistered or unregulated apps and platforms.

Investment scam apps have caused significant losses for many Indian investors. Recently, a 35-year-old Indian man was defrauded of ₹3.2 million by a scammer posing as an online trading agent on Facebook.

The woman, allegedly named “Kavya Shetty,” encouraged him to invest through the trading app “Capdyn Global.” The victim developed trust in both the woman and the purported investment app after initially “investing” ₹40,000 and receiving a return of ₹9,500.

Over the course of a month, he transferred a total of ₹320,688 to several bank accounts, only to discover that it was all a scam.

BrokersView reminds you

Investment fraud groups often use phone calls, emails, and applications to lure victims into fake online trading platforms. Therefore, investors should be wary of investment advice from unconventional channels.

Before trading, always carefully verify the financial license of the trading platform to avoid engaging with unregulated ones.