Thane Police Investigate CoinDCX Over Fraud Allegations

CoinDCX Co-Founders Arrested in ₹71.6 Lakh Fraud Case in Thane​

FIR Filed Over Alleged Crypto Investment Scam​

Thane police have arrested two co-founders of cryptocurrency exchange platform CoinDCX in connection with an alleged fraud of ₹71.6 lakh, officials confirmed on Monday.

The arrests follow the registration of a First Information Report at the Mumbra police station on March 16. The case names co-founders Sumit Gupta and Neeraj Khandelwal, along with others, under charges of cheating, criminal breach of trust, and fraud.

Investor Alleges Losses After Promise of High Returns​

According to police officials, a 42-year-old insurance advisor filed the complaint, alleging he was defrauded between August 2022 and March this year.

The complainant stated that he was lured into investing in a firm that was purportedly associated with the cryptocurrency platform. He was also offered a franchise opportunity as part of the investment proposition.

During this period, the victim transferred a total of ₹71,60,015 through a combination of cash and online transactions at different intervals.

Funds Allegedly Misappropriated​

Police said the complainant did not receive any returns on the investment, and the funds were allegedly misappropriated instead of being utilized as promised.

Arrest in Bengaluru, Custody Granted​

A team from Mumbra police tracked and apprehended the two accused in Bengaluru on Saturday. They were subsequently brought to Thane and produced before a local court on Sunday.

The court remanded both individuals to police custody until Monday, said senior police inspector Anil Shinde.

Probe Expands to Identify More Victims​

Authorities have launched a detailed investigation to examine the extent of the alleged fraud. Police are also working to determine whether more individuals were affected by the investment scheme.