Policy · Financial Services
CoinDCX co-founders questioned in impersonation fraud case
By Startup Enthusiast ·
- Date
- Company
- CoinDCX
- What it does
- Crypto exchange platform
- Kind
- Policy
- Based in
- Thane
- Founded
- 2018
- Sector
- Financial Services
What they do
CoinDCX is a cryptocurrency exchange platform
What happened
Thane police filed an FIR against its co-founders in a ₹71 lakh cheating case linked to a fake website
Why it matters
The court granted bail after the complainant confirmed impersonators, not the founders, were involved; coinDCX reported over 1,212 fake websites copying its…
The details
- Thane police filed an FIR against CoinDCX co-founders Sumit Gupta, Neeraj Khandelwal, and Mridul Gupta in a ₹71 lakh crypto cheating case.
- A 42-year-old insurance advisor from Thane was lured from August 2025 to February 2026 with promises of high returns and a franchise.
- The victim transferred funds via cash and bank to third-party accounts linked to a fake website coindcx.pro that mimicked CoinDCX.
- CoinDCX denied any role, stating the FIR was based on an impersonation plot and no money flowed through its platform.
- The co-founders appeared for questioning on March 21, 2026, and were granted bail on March 24, 2026.
- The court noted the co-founders were not present at the location of the alleged offence, and the investigation officer submitted that impersonators cheated the complainant.
- The complainant confirmed that the individuals involved were not Sumit Gupta or Neeraj Khandelwal.
The bigger picture
- CoinDCX reported over 1,212 fake websites copying its brand from April 1, 2024 to January 5, 2026.
- The case highlights the growing problem of brand impersonation in the Indian crypto space.
- The court's bail order and the complainant's admission suggest the founders were wrongly named in the FIR.
About the business
- CoinDCX is a cryptocurrency exchange platform that allows users to buy, sell, and trade digital assets.
- Its only official website is coindcx.com.
Founders
- Sumit Gupta, co-founder
- Neeraj Khandelwal, co-founder
- Mridul Gupta, co-founder
About CoinDCX
- 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
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