Legal · Financial Services

FIR filed against CoinDCX cofounders for fraud

By Startup Enthusiast · 21 March 2026

What they do

CoinDCX is a cryptocurrency exchange that allows trading in crypto and digital assets

A police complaint alleges the cofounders cheated an insurance consultant of ₹71 lakh; CoinDCX calls the case baseless

The company says impersonators using fake websites like coindcx.pro are to blame and is cooperating with authorities

A FIR (First Information Report, a formal police complaint) has been filed against CoinDCX cofounders Sumit Gupta and Neeraj Khandelwal for cheating and fraud.
The FIR was registered at a police station in Mumbra, Thane district, Maharashtra.
The complainant is a 42-year-old insurance consultant who claims to have been defrauded of ₹71 lakh.
CoinDCX has denied the allegations, calling them frivolous, baseless, and malicious.
The company says impersonators posed as its founders to cheat the public.
A fake website, coindcx.pro, was used in the fraud.
CoinDCX reported 1,212 fake websites impersonating it between April 2024 and January 5, 2026.
The cofounders have been called for questioning on March 21 at a Mumbai police station.

CoinDCX is a unicorn (a startup valued at over $1 billion) and one of India's largest crypto exchanges.
The Indian crypto industry faces heavy taxation and a complex regulatory environment.
CoinDCX was hit by a cyberattack in 2025 where hackers stole $44 million from an internal operational account.
The company says the victim did not contact them before filing the FIR.

CoinDCX is a cryptocurrency exchange that allows users to trade in crypto and digital assets.
It has served over 2 crore (20 million) users.
Its quarterly trading volumes exceed ₹2.4 lakh crore (about $288 billion).
In FY25, CoinDCX reported a net profit of ₹1.7 crore, up 15% from ₹1.5 crore in FY24.
Its operating revenue for FY25 was ₹559.6 crore, up 43% from ₹391.8 crore in FY24.

Customers: Individual and institutional investors trading cryptocurrencies globally
How it makes money: B2C cryptocurrency exchange platform with trading fees and services
What sets it apart: Support for 100+ countries with multilingual platform and multiple on-chain use cases