Warangal(Jangaon):A major online investment scam involving the fraudulent Costa app was uncovered in Jangaon district, leading to the arrest of two people on Saturday. The scam deceived numerous investors with false promises of high returns, resulting in substantial financial losses.
Assistant commissioner of police (ACP) Dinesh identified the accused as Thokala Sridhar (52) and Akramuddin (35), both residents of Siddipet district. A third conspirator, Venessa from Australia, was implicated in orchestrating the scheme.
The duo enticed people to invest in the Costa app by appointing a network of agents who initially showcased fabricated profits to attract more investors. To further lure participants, they offered enticing prizes like pressure cookers, motorbikes for those who recruited 300 members, and cars for those who brought in 600 members. These incentives were prominently featured during large-scale events held in private function halls to maximise outreach.
As trust in the scheme grew, many people invested large amounts of money, with some contributing up to Rs 1 lakh each. However, the scam unravelled when investors realised the deceit and reported the fraud to the authorities. It is estimated that nearly 2,000 people fell victim to the scam, collectively losing approximately Rs15 crore. The situation deteriorated when the Costa app abruptly disabled the withdrawal feature, preventing users from accessing their funds.
In response, the police swiftly registered cases against Sridhar and Akramuddin and launched an investigation to apprehend the remaining agents involved in the Costa app scam. ACP Dinesh emphasised the need for heightened vigilance among the public to avoid falling prey to similar fraudulent schemes.
The police have urged affected individuals to come forward with any additional information to aid in the ongoing investigation.
