Costa Savings Scam: Victims Demand Immediate Action Against Sahil Ali in Alleged ₹70 Crore Forex Fraud

Mumbai, Hundreds of investors allegedly affected by the Costa Savings App and its parent entity Costa Forex have come together to demand strict and immediate action against Sahil Ali, the alleged founder of the platform, in what victims describe as a ₹70 crore forex investment scam.

According to affected investors, they were lured into investing through promises of up to 30% monthly returns, aggressive digital marketing, and high-visibility promotional campaigns. While investors claim they are facing severe financial distress, Sahil Ali is alleged to be outside India, reportedly in Dubai, raising serious concerns about accountability, fund recovery, and the pace of investigation.

“Our savings are gone, the accused is abroad”

Several victims say they invested life savings, retirement funds, loans, and family assets into Costa Savings, believing it to be a legitimate forex trading platform. Many now report mounting debt, mental trauma, and financial instability.

Investors allege that despite filing multiple police complaints and highlighting regulatory concerns, no decisive action has yet resulted in either the recovery of funds or the return of the accused to India.

Demands for arrest, Interpol notice, and extradition

Victim groups have jointly urged authorities to take urgent steps, including:

• Issuing a non-bailable arrest warrant against Sahil Ali

• Seeking an Interpol Red Corner Notice

• Initiating extradition proceedings from the UAE

• Freezing all domestic and international bank accounts linked to the accused

They argue that delays could lead to the permanent loss of crucial evidence and investor money.

Celebrity and influencer promotions under scrutiny

Victims have also called for scrutiny of celebrity endorsements and influencer promotions allegedly used to market Costa Savings. They claim that the presence of well-known public figures created a perception of safety and legitimacy, influencing investment decisions.

Investors are questioning whether adequate due diligence and risk disclosures were conducted before such promotions were released to the public.

Allegations of Ponzi operations and money laundering

Based on complaints and preliminary findings cited by victims:

• There is no verifiable evidence of actual forex trading activity

• Returns may have been paid using funds from new investors, indicating a possible Ponzi-style structure

• Investor funds were allegedly diverted for luxury expenses and overseas transfers

• Suspected hawala and money-laundering channels may have been used

Victims are demanding that the case be examined under the Prevention of Money Laundering Act (PMLA) and other financial crime statutes.

Victims’ key demands

Affected investors have collectively submitted the following demands to authorities:

• Immediate arrest and questioning of Sahil Ali

• A joint CBI–ED investigation into Costa Forex and Costa Savings

• Issuance of an Interpol Red Notice

• Attachment of properties and freezing of assets

• A transparent mechanism for refund and recovery of investor funds

“This is about investor safety, not just one app”

Victims stress that the Costa Savings case highlights the growing threat of online investment frauds in India—particularly schemes using high-return promises, celebrity visibility, and social media credibility to attract unsuspecting investors.

They warn that failure to act decisively could embolden similar frauds, putting millions of small investors at risk.

At present, no conviction has been announced, and all allegations remain subject to ongoing investigation and judicial determination.