CoinDCX founders questioned amid fake-site fraud allegations

CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal were reported to have been detained in India after a police complaint accusing them of involvement in a crypto investment fraud. Some outlets said the Thane Police arrested the pair on allegations of criminal breach of trust, while other local media reported they had been called in for questioning.

The case centers on a website that allegedly posed as the CoinDCX platform; a first information report filed by a 42-year-old insurance consultant says he lost about 71 lakh rupees (roughly $75,000) after being lured to invest via the fake site. CoinDCX responded on X, calling the FIR "false and filed as a conspiracy" and saying impersonators had posed as its founders and diverted funds to third-party accounts unconnected to the exchange.

The company described brand impersonation and cyber fraud as growing problems in India’s digital finance sector, and said it is fully cooperating with the relevant law enforcement authorities while remaining focused on user education and awareness.

India, Thane

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