CoinDCX Founders Released on Bail After Fraud Claims

Crypto exchange CoinDCX’s co-founders, Sumit Gupta and Neeraj Khandelwal, have been granted bail following their arrest in connection with alleged cheating. The arrest stemmed from an FIR filed on March 16 at Mumbra Police Station, accusing the founders of fraud and criminal conspiracy under the Bharatiya Nyaya Sanhita (BNS).

The allegations were brought forth by Ashish Brijkishor Singh, who claimed that an individual named Akash Rana, identifying himself as a CoinDCX employee, defrauded him by soliciting investments in a CoinDCX franchise. Singh claimed to have invested ₹71 Lakh along with his associates, expecting high returns through cryptocurrency trading.

CoinDCX has refuted these claims, stating that the situation involves impersonation and that the company is a victim of a scam. They highlighted that fraudsters are targeting the public using fake websites and falsely claiming funds were transferred to accounts unrelated to CoinDCX.

The founders were released on a PR bond of ₹50,000 each, contingent on their cooperation with the ongoing investigation and trial. The court acknowledged the seriousness of the allegations but noted that the role of the accused was not clearly defined.

In a recent development, the complainant filed an affidavit with the Thane District Court, stating that he had recovered his funds from one of the accused named in the FIR, leading to the bail application by the founders.

CoinDCX reported identifying over 1,212 fake websites impersonating the company between April 2024 and January 2026, underscoring the prevalence of scams in the cryptocurrency sector. Founded in 2018, CoinDCX reported a net profit of ₹1.7 Cr in FY25, with operating revenue rising to ₹559.6 Cr.