CoinDCX founders amid fraud allegations with digital themes.
Crypto exchange CoinDCX is facing a first information report (FIR) filed against its co-founders, Sumit Gupta and Neeraj Khandelwal, over allegations of cheating. The company has denied the claims, stating they are false.
Gupta and Khandelwal were called for questioning on March 21 at a Mumbai Police station, according to Moneycontrol. An Economic Times report claimed the duo were arrested following the FIR, which alleged cheating and financial fraud. CoinDCX responded via X, stating that impersonators posed as founders to “cheat the public at large.”
CoinDCX stated it reported over 1,212 fake websites impersonating the company between April 2024 and January 5, 2026. The company confirmed that it has no affiliation with these websites and considers them fake. CoinDCX is cooperating with law enforcement agencies and remains committed to supporting authorities in addressing the misconduct.
Sources told Moneycontrol that the CoinDCX co-founders were called for questioning in connection with a crypto scam. The action followed an FIR filed by a 42-year-old insurance consultant who was allegedly defrauded of ₹71 Lakh by a website impersonating CoinDCX. The fake website’s URL was coindcx.pro.
Founded in 2018 by Gupta and Khandelwal, CoinDCX allows users to trade in cryptocurrencies and other digital assets. The platform reports it has served more than 2 Cr users, with quarterly trading volumes north of over ₹2.4 Lakh Cr.
CoinDCX posted a net profit of ₹1.7 Cr in FY25, up nearly 15% from ₹1.5 Cr in the previous fiscal year. Operating revenue rose 43% to ₹559.6 Cr in the fiscal year under review, as against ₹391.8 Cr in FY24.
In 2023, CoinDCX experienced a cyberattack where hackers stole assets worth $44 Mn from its internal operational account.
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