Victims Press for Investigation into ₹700 Million 'Costa Savings' Scam, Demand Arrest of Founder Sahil Ali

Hundreds of Indian investors have allegedly been defrauded by the ‘Costa Savings App’ and its parent entity, Costa Forex, in what they describe as a ₹700 million forex investment scam. The victims have united to demand strict and immediate action against Sahil Ali, the alleged founder of the platform, who is reportedly outside India and residing in Dubai.

According to those affected, investors were enticed with promises of monthly returns as high as 30%, backed by aggressive digital marketing and high-profile promotional campaigns. Many victims claim they poured in life savings, retirement funds, loans, and family assets, believing ‘Costa Savings’ to be a legitimate trading platform. Instead, they now face severe financial distress, with little progress made despite multiple police complaints and regulatory concerns raised.

Victims have also pointed to the role of celebrity endorsements and influencer promotions in amplifying the scheme’s reach. They argue that the presence of well-known public figures created a false sense of safety and legitimacy, influencing their investment decisions.

Preliminary findings suggest that no verifiable forex trading activity ever took place. Returns, they allege, were paid out using deposits from new investors, indicating a Ponzi-style structure. Funds were reportedly diverted for luxury spending and overseas transfers, with suspicions of hawala and money-laundering channels being used to move money abroad.

In response, the victims are calling for urgent intervention, including the arrest and questioning of Sahil Ali, a joint investigation by India’s Central Bureau of Investigation (CBI)  and Enforcement Directorate (ED), and the issuance of an Interpol Red Notice. They also want assets frozen and a transparent mechanism established for the refund and recovery of their money.

Indian authorities have yet to announce any conviction, and all allegations remain subject to ongoing investigation and judicial determination.

The Mumbai Police had previously warned the public on November 4 through X to be cautious of an illegal investment app named “COSTA App Saving”.