The Thane police have arrested cryptocurrency alternate platform CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal in reference to an alleged fraud of ₹71.6 lakh, officers mentioned on Monday.
The corporate, nevertheless, claimed the FIR was false, and there was a conspiracy towards CoinDCX by impersonators posing as its founders and dishonest the general public.
The arrests had been made following an FIR registered on March 16 on the Mumbra police station in Maharashtra’s Thane metropolis towards CoinDCX co-founders Gupta, Khandelwal and others on costs of dishonest, legal breach of belief and fraud, in response to officers.
A 42-year-old insurance coverage advisor, the complainant within the case, alleged that he was duped of ₹71.6 lakh between August 2025 and March this yr after being lured by guarantees of excessive returns by investing in a agency, purportedly related to the cryptocurrency platform. He was additionally supplied a franchise alternative, in response to the police.
The complainant, a resident of Mumbra, transferred ₹71,60,015 by money and on-line transactions at completely different occasions. Nevertheless, the invested quantity was not returned, and as an alternative the funds had been allegedly misappropriated, they mentioned.
A Mumbra police group apprehended Gupta and Khandelwal from Bengaluru on Saturday. They had been later dropped at Thane and produced on Sunday earlier than a neighborhood court docket, which remanded them in police custody until Monday, senior police inspector Anil Shinde mentioned.
“An in depth probe is underway to find out if there are extra victims linked to this funding scheme,” the official added.
The corporate, nevertheless, in a press release on Monday, claimed, “The FIR filed towards our co-founders is fake, and filed as a conspiracy towards CoinDCX by impersonators posing as Founders of CoinDCX and dishonest the general public at massive.”
“We’ve got taken cognisance of the actual fact and printed a discover to public at massive on our web site that CoinDCX is being focused by fraudsters. The complete conspiracy falsely claims that funds had been transferred in money to third-party accounts which don’t have any relation to CoinDCX,” it added.
Model impersonation and associated cyber frauds are an rising concern in India’s digital finance ecosystem, and CoinDCX strongly condemn such actions, it mentioned.
The corporate additional mentioned it’s totally dedicated to supporting authorities in addressing such misconduct. “Between April 1, 2024 and January 5, 2026, we have now reported over 1,212 pretend web sites impersonating coindcx.com,” it mentioned.
“We’re totally cooperating with the related legislation enforcement authorities. We stay dedicated to schooling and person consciousness to safeguard our neighborhood towards such threats,” it added
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