Stay updated with the latest - Click here to follow us on Instagram
© The Indian Express Pvt Ltd
Journalism of Courage
Premium
CoinDCX co-founders arrested by Thane police, company says impersonators behind fraud
The Thane police registered an FIR against six individuals, including Gupta and Khandelwal, for allegedly cheating a complainant of ₹71.6 lakh under the pretext of cryptocurrency investment and franchise opportunities linked to CoinDCX.
In a statement posted on X, CoinDCX termed the FIR false and alleged that it was part of a conspiracy involving impersonators posing as the company’s founders and defrauding the public (Express Photo)
The Mumbra police in Thane arrested the promoters of CoinDCX on Saturday on charges of criminal breach of trust. As per police, the co-founders Sumit Gupta and Neeraj Khandelwal were arrested from Bengaluru and produced before a court in Thane. They are currently in police custody.
In a statement posted on X, CoinDCX termed the FIR false and alleged that it was part of a conspiracy involving impersonators posing as the company’s founders and defrauding the public. The company said it has already issued a public notice warning users that fraudsters are targeting its brand.
Senior inspector of Mumbra police station Anil Shinde said, “We have arrested the promoters of CoinDCX based on an FIR registered by us.” When asked about the company’s claim that it was not their website, the officer said that the claim would be part of their investigation.
The Thane police registered an FIR against six individuals, including Gupta and Khandelwal, for allegedly cheating a complainant of ₹71.6 lakh under the pretext of cryptocurrency investment and franchise opportunities linked to CoinDCX.
The complainant, an insurance advisor, from Kausa, Mumbra alleged that he was lured between August 2025 and February 2026 with promises of high returns and regulatory approvals.
The complainant alleged that the accused reportedly collected funds through cash and bank transfers but failed to deliver the promised franchise or returns and later became untraceable.
The statement posed by CoinDCX further said, “Brand impersonation and related cyber frauds are an increasing concern in India’s digital finance ecosystem, and we strongly condemn such actions. We remain fully committed to supporting authorities in addressing such misconduct. Between April 1, 2024 and January 5, 2026, we have reported over 1,212 fake websites impersonating coindcx.com.”
Story continues below this ad
The company added that it is fully cooperating with law enforcement authorities and remains committed to user education and awareness to safeguard its community against such threats.
Advertisement
Loading Recommendations...
Live Blog