- Thane Police arrested CoinDCX co-founders over alleged crypto fraud and digital theft.
- A Mumbra-based advisor accused them of fake investment and franchise promises.
- CoinDCX denied the charges, calling it a conspiracy involving impersonator
The CoinDCX co-founders, Sumit Gupta and Neeraj Khandelwal, were arrested by the Thane Police on Monday for digital theft of Rs 71.6 lakh and cryptocurrency fraud, as per officials. The arrest was made from Bengaluru, and they were remanded to police custody by a holiday court in Thane until Monday.
An insurance advisor from Mumbra has lodged a complaint against the duo for fake promises related to franchise opportunities, high returns in exchange for financing, and authorised cryptocurrency investments.
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Funds under the scheme were collected through both cash and bank transfers between August 2025 and February 2026, but even after paying money, none of the promised returns materialised. While attempting to contact the founders, they were unreachable, and the accused allegedly became untraceable.
On the basis of the complaint, the police have registered an FIR under provisions of the Bharatiya Nyaya Sanhita and initiated a broader investigation.
The company, CoinDCX, however, responded to the FIR on Monday, calling it false. "The FIR filed against our co-founders is false and filed as a conspiracy against CoinDCX by impersonators posing as founders of CoinDCX and cheating the public at large," it was quoted as saying.
The company further reportedly added that the funds were transferred to third-party accounts. "We have taken cognisance of the fact and published a notice to the public at large on our website that CoinDCX is being targeted by fraudsters. The entire conspiracy falsely claims that funds were transferred in cash to third-party accounts which have no relation to CoinDCX."
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"Brand impersonation and related cyber frauds are an increasing concern in India's digital finance ecosystem, and CoinDCX strongly condemns such actions," the statement said.
The company further clarified that there were fake websites during the mentioned timeline. "Between April 1, 2024 and January 5, 2026, we have reported over 1,212 fake websites impersonating coindcx.com," it said.
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