Alleged ₹70 Crore Forex Investment Scam Linked to “Costa Savings” App; Founder Reportedly in Dubai

Mumbai, India – A major investment scam has come to light involving a company named Costa Forex and its mobile application Costa Savings, allegedly founded by Sahil Ali. The scheme, which promised unusually high returns from Forex trading, is reported to have defrauded investors of nearly ₹70 crore between 2021 and 2023.

According to investor complaints and police filings, Costa Forex was launched in 2021, claiming to generate profits through investments in the foreign exchange market. In 2022, the company introduced an app called Costa Savings, which promised investors 30% monthly returns—an offer that attracted thousands of users across India.

The app gained widespread attention when former Indian cricketer Suresh Raina appeared in its promotions. Many investors have stated that Raina’s endorsement led them to trust and invest in the platform.

For several months, Costa Savings reportedly paid returns to its users, encouraging many to reinvest their profits. However, in November 2022, payment partner Razorpay flagged suspicious activity and suspended the company’s accounts. Following this, the firm allegedly stopped processing withdrawals and repaying investors’ principal amounts.

Between December 2022 and April 2023, the company continued to assure investors that operations would resume soon, citing the need to “set up a new payment gateway.” During this period, several police complaints were filed, and the company’s bank accounts were reportedly frozen.

By April 2023, sources allege that founder Sahil Ali shut down the company’s offices, dismissed staff, liquidated his assets, and relocated to Dubai, where he had obtained a Golden Visa the previous year. Investigators claim he transferred large sums through hawala channels, with portions allegedly moved to accounts belonging to his family members.

A leaked investigation report from July 2023 revealed that there was no evidence of actual Forex trading. Instead, investor deposits were allegedly used to pay earlier investors—a classic Ponzi-style operation. Records also suggest that company funds were spent on personal expenses, including luxury cars and online orders.

Out of the estimated ₹70 crore collected, approximately ₹40 crore was reportedly siphoned off by Sahil Ali. The remainder was allegedly dispersed through various channels before authorities could intervene.

In the months since the scheme collapsed, investors have flooded social media with pleas for justice, alleging that Ali continues to post provocative or abusive messages online. Some victims have reported severe financial distress, with tragic consequences in certain cases.

Police investigations are ongoing, and efforts are reportedly being made to coordinate with authorities in Dubai for further action.