Telangana: Online investment app Costa goes offline overnight, leaving thousands in shock

People began investing in an online investment app, which promised excellent returns. After making heavy deposits following a discount announced, investors realised that the Costa app suddenly went offline

Cherial: An online investment app “Costa” has gone offline, leaving over 6,000 members in Cherial and surrounding areas in a state of panic. The app, which promised daily returns, has not been accessible for the past four days, causing distress among hundreds of investors who had deposited substantial amounts of money.

The initial attraction of the app was its promise of a daily return of Rs 23 after an initial admission fee of Rs 590, maturing after 50 days. This seemingly lucrative offer led many to invest amounts ranging from Rs 5,000 to lakhs. A special offer of a 30% discount on the Rs 99,000 deposit scheme further fuelled the deposit drive. Investors remitted huge sums online in the hope of quick financial gain.

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However, the sudden disappearance of the app has left investors in a lurch, with many approaching the police to file complaints. Police have begun investigations following some complaints from Komaravelli, Maddur, Dhulimitta, Cherial and many other nearby villages.

Very inerestingly, there is no informationa about the organisers of the app and neither the address of the organisation is available with any of the investors. This added to the woes of the investors. Initial reports indicated that nearly Rs 3 crore investment was done by people in Cherial alone.