CoinDCX Co-founders Arrested in Alleged Fraud Investigation
Thane, March 23 – Police in Thane, Maharashtra, have arrested CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal in connection with an alleged fraud involving Rs 71.6 lakh, officials announced Monday.The arrests followed the registration of a First Information Report (FIR) on March 16 at the Mumbra police station. The FIR was filed against the CoinDCX co-founders and others on charges of cheating, criminal breach of trust, and fraud.
A 42-year-old insurance advisor, the complainant, alleged he was defrauded of Rs 71.6 lakh between August 2025 and March this year. He was lured by promises of high returns through investment in a firm associated with the cryptocurrency platform, and was also offered a franchise opportunity. The complainant transferred funds through cash and online transactions. However, the invested amount was not returned, and the funds were allegedly misappropriated.
A Mumbra police team apprehended Gupta and Khandelwal from Bengaluru on Saturday. They were subsequently brought to Thane and produced before a local court on Sunday, where they were remanded in police custody until Monday.
CoinDCX has disputed the FIR, claiming it was a conspiracy against the company orchestrated by impersonators posing as its founders. The company stated it has taken cognisance of the allegations and published a notice on its website, informing the public of the fraudulent targeting of CoinDCX. They highlighted the reporting of over 1,212 fake websites impersonating coindcx.com between April 1, 2024, and January 5, 2026.
CoinDCX stated it is fully cooperating with law enforcement authorities and remains committed to user education and awareness to combat such threats. A detailed investigation is underway to determine if there are additional victims linked to this investment scheme.
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