Meet Sahil Ali: Costa Savings App Fraudster Followed by BeerBiceps, Endorsed by Suresh Raina, Now Reportedly Hiding in Dubai
Mumbai, India — A large-scale alleged investment fraud involving the Costa Savings mobile application and its parent entity Costa Forex has surfaced, leaving thousands of investors across India grappling with heavy financial losses. At the centre of the controversy is Sahil Ali, the app’s founder, who is now reportedly based in Dubai, even as Indian authorities continue to probe what investigators describe as a possible Ponzi-style operation.
Promises of High Returns and Rapid Growth
According to multiple police complaints and investor statements reviewed by this publication, Costa Forex began operations in 2021, presenting itself as a sophisticated Forex trading firm. In 2022, it launched the Costa Savings app, which aggressively marketed guaranteed returns of up to 30% per month — a claim that financial experts say should have immediately raised red flags.
Despite the improbability of such returns, the app witnessed explosive growth. Thousands of retail investors, many with limited financial literacy, reportedly poured money into the platform, reassured by slick marketing campaigns, professional branding, and social media visibility.
Celebrity Visibility and Influencer Reach
The app’s credibility received a major boost when former Indian cricketer Suresh Raina appeared in promotional material linked to Costa Savings. Several investors have told investigators that Raina’s association played a decisive role in their decision to invest, believing the platform to be vetted and trustworthy.
Adding to its perceived legitimacy, Sahil Ali’s social media presence showed interactions and follows from high-profile digital creators, including the popular podcast and influencer brand BeerBiceps, further blurring the line between perception and due diligence for ordinary users.
Early Payouts, Then a Sudden Freeze
For several months, Costa Savings reportedly paid returns on time, prompting many investors to reinvest their earnings and increase exposure. However, the scheme began to unravel in November 2022, when payment gateway Razorpay allegedly flagged suspicious transaction patterns and suspended Costa Forex’s accounts.
Soon after, withdrawals were halted. Investors were unable to access either returns or principal amounts. The company allegedly continued issuing assurances, citing “temporary technical issues” and the need to onboard a new payment gateway.
Between December 2022 and April 2023, complaints escalated across multiple states. Bank accounts linked to the firm were reportedly frozen, and police began preliminary investigations.
No Evidence of Actual Forex Trading
A leaked investigation report from mid-2023 paints a troubling picture. According to officials familiar with the findings, there was no verifiable evidence of real Forex trading activity linked to Costa Forex. Instead, funds from new investors were allegedly used to pay earlier ones — a hallmark of a Ponzi scheme.
The report further claims that significant portions of investor money were diverted for personal use, including luxury purchases, high-end vehicles, and online shopping.
Of the estimated ₹70 crore collected from investors, investigators allege that nearly ₹40 crore may have been siphoned off directly by Sahil Ali, with the remaining funds dispersed through layered transactions before enforcement action could fully contain the damage.
Exit to Dubai and Alleged Hawala Transfers
By April 2023, Costa Forex’s offices were reportedly shut, staff dismissed, and operations abandoned. Investigators allege that Sahil Ali liquidated assets and left India for Dubai, where he had reportedly secured a Golden Visa earlier.
Authorities further claim that large sums were transferred through informal channels, including suspected hawala networks, with some funds allegedly routed through accounts held by family members. These allegations remain under investigation.
Investor Distress and Social Media Fallout
In the aftermath, social media platforms have been flooded with posts from affected investors demanding justice. Many allege that Ali continues to maintain an online presence, at times posting provocative or dismissive messages. Victims have reported severe financial distress, with some cases involving life-altering consequences.
Investigation Ongoing
Law enforcement agencies say efforts are underway to coordinate with international authorities, including officials in the UAE, to trace funds and examine extradition possibilities. No formal conviction has been announced so far, and all allegations remain subject to judicial determination.
For now, the Costa Savings episode stands as a stark reminder of how high-return investment promises, celebrity visibility, and influencer-driven trust can combine into a dangerous mix — one that leaves ordinary investors exposed when accountability disappears.
