CoinDCX Founders Face FIR in ₹71 Lakh Crypto Cheating Case, Company Denies Allegations
Thane police have filed an FIR and summoned CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal for questioning in a ₹71 lakh cryptocurrency fraud case. The complaint involves scammers posing as company officials to dupe an insurance advisor with fake investment promises. They appeared for questioning on March 21, 2026, as the probe unfolded.
Victim's Ordeal: Fake Promises from August 2025 to February 2026
A 42-year-old insurance advisor from Thane fell victim to fraudsters claiming to be CoinDCX staff. They lured him with offers of high returns on crypto trades and a franchise opportunity over six months.
He transferred funds via cash and bank to third-party accounts linked to a fake website mimicking CoinDCX. When no profits or franchise materialised, contact stopped, prompting the FIR under cheating and breach of trust laws.
CoinDCX Hits Back: 1,212 Fake Sites and Impersonators Exposed
CoinDCX firmly denies any role, calling the FIR based on an impersonation plot. In a post on social media platform X, the unicorn claimed that impersonators posed as founders of the company to “cheat the public at large”. The exchange revealed over 1,212 bogus websites copying its brand from April 2024 to January 2026, including the one used here.
No money flowed through its platform, and payments went to unrelated accounts. The firm is cooperating fully with the police and urges users to check official channels.
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. We have taken cognizance of the fact and published a notice to public at large on our website that CoinDCX is…
— CoinDCX : India Ka Crypto Coach (@CoinDCX) March 21, 2026
Current Probe Status and Crypto Safety Tips
As of March 22, 2026, questioning is complete with no arrests or formal charges yet. Thane police continue investigating the six named in the FIR.
This case spotlights impersonation risks in India's crypto scene. Always verify websites, avoid unsolicited offers, and report fakes to platforms like CoinDCX. Stay safe while trading.