Mumbai, November 4: Is the "COSTA App Saving" or "Costa Savings" app genuine or fake? The question comes after the Mumbai Police said that they received multiple complaints against the COSTA App Saving, an unregistered platform which has been accused of defrauding investors through false promises of unusually high returns. The app has become a talking point after the Mumbai Police Crime Branch's Economic Offences Wing (EOW) received several complaints against the COSTA App Saving.

What Did the Mumbai Police Say? What Is the Costa Savings App About?

Speaking about the "Costa Savings" app (COSTA App Saving), Mumbai police said that the app, which is available on the Google Play Store, is not registered or authorised by the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI or any other regulatory authority. A search about "Costa Savings" app revealed that the "COSTA App Saving" or "Costa Savings" app is a free investment app, which is available on Android. The app has been developed by COSTAFX Technologies Private Limited and had its latest update on the Play Store on May 27 this year. PM Narendra Modi Has Announced Free Bike for All Aadhaar Card Holders? PIB Fact Check Debunks Fake AI Video Going Viral.

It was also found that the "Costa Savings" app (COSTA App Saving) works by providing two modes of investment - moderate and aggressive, with returns depending on the type of service selected by the users or investors. The application was reportedly created by a young Businessman from Maharashtra, identified as Sahil Ali. It is also learned that the "COSTA App Saving" or Costa Savings" app can be used for passive income, with the application providing returns on a per-day basis calculated on the investment amount. Another feature is that there is no lock-in period for funds in the app.

Is the 'COSTA App Saving' or 'Costa Savings' App Genuine? Mumbai Police Answers

So is the "COSTA App Saving" or "Costa Savings" app genuine or fake? As clarified by the Mumbai police, the"COSTA App Saving" is an unregistered platform. "Please note COSTA App Saving, available on the Google Play Store, is not registered or authorised by the RBI, SEBI, or any other regulatory authority," Mumbai police said. They further advised citizens not to invest in any unauthorised or unregulated apps or platforms. Mumbai Police has asked citizens to verify investment platforms with RBI, SEBI, or other relevant regulatory bodies before making any investments. Did Indian Army Chief General Upendra Dwivedi Say That Trishul Exercises Are Nothing but Political Theatre Before Bihar Assembly Elections 2025? PIB Fact Check Debunks AI-Generated Fake Video.

Mumbai Police also said that those who have already invested in the "COSTA App Saving" can report their complaint to the EOW Mumbai or email details to srpieiu.eowmum@mahapolice.gov.in. "Your vigilance is your best protection; verify before you invest. #TooGoodToBeTrue #InvestSafe," Mumbai Police added. As revealed by Mumbai police, the "COSTA App Saving" or "Costa Savings" app appears to be fake and has been accused of defrauding investors with false promises of unusually high returns.

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Fact check

Is 'COSTA App Saving' Promising High Returns Authorised or Not? Mumbai Police Warn Against Unregistered Investment Platform Accused of Defrauding Investors
Claim :

COSTA App Saving promising high returns to investors is an authorised investment platform.

Conclusion :

Mumbai police said that COSTA App Saving is an unregistered investment platform accused of defrauding investors through false promises of unusually high returns.

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(The above story first appeared on LatestLY on Nov 04, 2025 11:41 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).