₹70-Crore Costa Savings App Scam: Founder Sahil Ali Reportedly Hiding in Dubai After Defrauding Indian Investors

Mumbai, India — A massive ₹70-crore investment scam has rocked the country, allegedly involving the Costa Forex company and its app Costa Savings, founded by Sahil Ali. The platform promised unrealistic 30% monthly returns through Forex trading, luring thousands of Indian investors before collapsing in 2023.

Launched in 2021, Costa Forex initially appeared legitimate, but soon began aggressively promoting its Costa Savings app across social media. The app’s credibility soared after former Indian cricketer Suresh Raina featured in its promotions — a move that reportedly convinced many users to invest.

For several months, the app paid regular returns, encouraging investors to reinvest their profits. However, in November 2022, payment gateway Razorpay flagged suspicious transactions and froze the company’s accounts. Soon after, withdrawals were halted, and communication from the company became erratic.

By April 2023, founder Sahil Ali had allegedly shut down operations, dismissed employees, sold off assets, and fled to Dubai, where he reportedly holds a Golden Visa. According to a leaked investigation report from July 2023, there was no evidence of actual Forex trading — investor deposits were allegedly used to pay older investors in a Ponzi-style scheme.

Reports suggest that around ₹40 crore was siphoned off by Ali himself, while the remaining funds were routed through multiple accounts, including those belonging to family members. Company funds were also allegedly used for luxury purchases and personal expenses.

After the scam’s collapse, hundreds of investors took to social media demanding justice, with many claiming to have lost their life savings. Authorities are now coordinating with Dubai officials to trace Ali and recover the siphoned funds.