CoinDCX Fraud Case: Investigation May Expand, Potential for Further Arrests
New Delhi, March 24 – The investigation surrounding the Rs 71 lakh cryptocurrency fraud case linked to CoinDCX may broaden, with sources indicating the possibility of additional arrests.Ongoing Investigation and Potential for Arrests
Investigators are currently examining the roles of multiple accused individuals named in the First Information Report (FIR). As of now, four of the accused remain at large. The case began following a complaint alleging a fraud involving a cryptocurrency-related scheme.Arrests and Legal Proceedings
CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal were arrested by Mumbra police from Bengaluru. The arrests followed a complaint alleging that an insurance advisor had lost approximately Rs 71.6 lakh over seven months through the scheme. Gupta and Khandelwal were sent to judicial custody after their police remand concluded. A court has reserved its order on a bail plea filed by the two founders.Complainant’s Statement and Case Developments
The case took an unexpected turn when the complainant filed an affidavit before a Thane court, stating he had recovered his funds from one of the six accused involved. Subsequently, CoinDCX has denied any involvement in the alleged fraud, describing the FIR as “false” and attributing the incident to impersonators misusing the company’s brand name. The company maintains the fraud did not occur on its official platform but through fake websites imitating CoinDCX and its founders.Initial Allegations
Police reports indicate the complainant was initially lured in mid-2025 with promises of high returns and a cryptocurrency franchise linked to CoinDCX. He was reportedly offered monthly returns of 10–12 per cent and franchise rights for Maharashtra. He made multiple payments through both online transfers and cash.Enforcement Directorate Action
Last year, the Enforcement Directorate (ED) attached assets worth Rs 8.46 crore in a related nationwide cyber fraud probe.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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