The Thane police have arrested CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal in connection with an alleged fraud involving Rs 71.6 lakh, officials said on Monday.
CoinDCX, however, maintained that the FIR is false and claimed it was part of a conspiracy involving impersonators posing as the company’s founders to defraud the public.
The arrests followed an FIR registered on March 16 at the Mumbra police station in Thane, Maharashtra, against Gupta, Khandelwal, and others on charges of cheating, criminal breach of trust and fraud, according to officials.
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The complainant, a 42-year-old insurance advisor from Mumbra, alleged that he was duped of Rs 71.6 lakh between August 2025 and March 2026. He claimed he was lured with promises of high returns from investments in a firm purportedly associated with the cryptocurrency platform and was offered a franchise opportunity.
The complainant reportedly transferred Rs 71,60,015 through a combination of cash and online transactions at different times. However, the amount was not returned and allegedly misappropriated, police said.
A Mumbra police team apprehended Gupta and Khandelwal from Bengaluru on Saturday. They were brought to Thane and presented before a local court on Sunday, which remanded them in police custody until Monday, said senior police inspector Anil Shinde.
“A detailed investigation is underway to ascertain if there are additional victims linked to this investment scheme,” the official added.
CoinDCX, meanwhile, issued a statement asserting that the FIR against its co-founders is false and part of a conspiracy by impersonators to target the platform. “We have alerted the public on our website about ongoing fraud attempts. The entire conspiracy falsely claims that funds were transferred in cash to third-party accounts unrelated to CoinDCX,” the statement said.
The company highlighted the rising issue of brand impersonation and cyber fraud in India’s digital finance ecosystem, condemning such acts. It reiterated its commitment to assisting authorities in addressing misconduct, noting that between April 1, 2024, and January 5, 2026, over 1,212 fake websites impersonating coindcx.com were reported.
“We are cooperating fully with law enforcement and remain committed to user education and awareness to protect our community from such threats,” the company added.
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