CoinDCX Founders Detained in ₹71 Lakh Cryptocurrency Fraud Case; Firm Calls Allegations Baseless

Key Takeaways

Sumit Gupta and Neeraj Khandelwal arrested over a ₹71 lakh fraud claim.

CoinDCX claims the FIR is false and part of a conspiracy.

Fraud occurred via a fake website impersonating the exchange.

Company has identified over 1,200 fake websites .

CoinDCX was founded in 2018 and is a leading crypto platform.

Mumbai, March 22 (NationPress) The co-founders of the cryptocurrency exchange CoinDCX, Sumit Gupta and Neeraj Khandelwal, have been detained following the registration of a First Information Report (FIR) at a Mumbai police station regarding an alleged crypto fraud case.

The complaint alleges that an individual was deceived out of Rs 71 lakh in a cryptocurrency scam, leading the police to take action.

Earlier reports indicated that the founders were called in for questioning prior to their arrests.

In response, CoinDCX has categorically denied any misconduct, labeling the FIR as “false” and suggesting it is part of a broader conspiracy targeting the company.

In a statement shared on X, the company asserted that the purported fraud was not connected to its official platform, but rather involved a fraudulent website impersonating CoinDCX and its founders.

“The FIR against our co-founders is baseless and part of a conspiracy orchestrated by impersonators purporting to be CoinDCX founders, thereby cheating the public,” the company stated. They have previously issued public alerts to warn users about such scams.

Additionally, CoinDCX clarified that the complaint incorrectly asserts that funds were transferred in cash to unrelated third-party accounts.

The company highlighted that brand impersonation and cyber fraud are rapidly escalating issues within India’s digital finance landscape.

CoinDCX reported that it has identified over 1,200 fake websites impersonating its platform between April 2024 and January 2026 and has consistently advised users to remain vigilant against these fraudulent schemes.

Furthermore, the company confirmed its full cooperation with law enforcement during the ongoing investigation.

Established in 2018, CoinDCX is recognized as one of India’s prominent cryptocurrency trading platforms. Recently, the company has encountered various challenges, including a significant cyberattack in 2025, where hackers infiltrated an internal operational account and misappropriated assets worth $44 million.

Nonetheless, CoinDCX assured that user funds remained unaffected and that they have since enhanced their security measures following the incident.

Point of View

I recognize the gravity of the allegations against CoinDCX's co-founders. While the company's assertion of innocence reflects a commitment to transparency, the rise of impersonation frauds in the cryptocurrency sector demands stringent scrutiny and consumer awareness.

NationPress

9 May 2026

Frequently Asked Questions

What led to the arrest of CoinDCX founders?

The co-founders were arrested following a complaint alleging they were involved in a ₹71 lakh cryptocurrency fraud, which is under investigation by the police.

How did CoinDCX respond to the allegations?

CoinDCX has denied any wrongdoing, stating that the fraud was perpetrated by impersonators using a fake website, not their official platform.

What actions has CoinDCX taken against fraud?

CoinDCX has identified over 1,200 fake websites impersonating their platform and has issued public warnings to prevent users from falling victim to scams.

What was the impact of the 2025 cyberattack on CoinDCX?

In 2025, CoinDCX experienced a significant cyberattack where hackers stole assets worth $44 million, but the company assured that user funds were not affected.

When was CoinDCX founded?

CoinDCX was established in 2018 and has since become a leading cryptocurrency trading platform in India.