Mumbai Police warned against the COSTA App Saving, which is available to download on Google Play Store, is not registered or authorised by Indian financial regulators and is accused of defrauding investors over false promises of high returns on investment.
Mumbai Police's Economic Offences Wing (EOW) said they have received several complaints regarding the unauthorised fintech application involved in defrauding users financially. "Unregistered platform accused of defrauding investors through false promises of unusually high returns," Mumbai Police wrote in a statement issued on Tuesday.
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EOW department said that the COSTA App Saving is not registered with the financial regulators, RBI and SEBI or any other regulatory. Mumbai Police urged citizens not to use or invest on such types of applications or online platforms.
"Always verify investment platforms with RBI, SEBI, or other relevant regulatory bodies before committing any funds," Mumbai Police wrote in a post on X.
The police department has given a help line email ID to report fraud at srpieiu.eowmum@mahapolice.gov.in. While the police have not revealed full details about the app, it appears similar to a previous scam in Telangana.
Earlier this year, an authorised application which deals in online investment called CostaApp was involved in cyber crimes, defrauded thousands of investors and looted Rs 15 crore. The victims of cybercrime were in Jangaon and Warangal districts. After collecting the investment, the application stops working.