Mumbai Police Warns Against Unregistered 'COSTA App Saving' Amidst Fraud Complaints

The Mumbai Police Crime Branch's Economic Offences Wing (EOW) has alerted the public about the 'COSTA App Saving' platform, which is currently facing numerous online fraud complaints. Investors have reportedly been lured by promises of unusually high returns, only to be defrauded.

Mumbai Police emphasized that 'COSTA App Saving', despite being available on the Google Play Store, is not registered or authorized by any competent authority, including the Reserve Bank of India (RBI) or the Securities and Exchange Board of India (SEBI). This lack of regulation means there is no oversight to protect investors.

Citizens are strongly advised against investing in any unauthorized or unregulated apps or platforms, as these often lead to financial fraud. The police recommend always verifying the credentials of investment platforms with relevant regulatory bodies like the RBI and SEBI before committing any funds.

Individuals who believe they have been victims of fraud by this platform are encouraged to report their complaints to the EOW Mumbai. Details for reporting, including an email address (srpieiu.eowmum@mahapolice.gov.in), have been provided.

Impact This news is crucial for investor awareness, highlighting the prevalence of financial scams and the importance of due diligence. It can lead to increased caution among individuals considering online investment opportunities, potentially affecting the adoption of new fintech platforms. The direct impact on the stock market is limited, but it reinforces the need for regulatory vigilance and investor education. Rating: 5/10.

Difficult Terms: Unregistered Investment Platform: An investment service or app that has not obtained the necessary licenses or approvals from financial regulatory authorities. Economic Offences Wing (EOW): A specialized division within police forces that investigates financial crimes such as fraud, embezzlement, and corruption. Regulatory Authority: A government body responsible for overseeing and enforcing rules and regulations within a specific industry or sector, like finance. RBI (Reserve Bank of India): India's central bank, responsible for monetary policy, regulation of banks, and financial system stability. SEBI (Securities and Exchange Board of India): The regulatory body for the securities market in India, responsible for protecting investor interests and ensuring market integrity.