Indian police arrest CoinDCX co-founders over alleged Rs 71.6 lakh fraud

Thane Police arrested CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal over a Rs 71.6 lakh fraud complaint. The arrests followed police summons and public statements by the exchange on Mar 21–22.

CoinDCX denies wrongdoing. “The FIR filed against our co-founders is false… impersonators posing as Founders of CoinDCX,” the team wrote on X on Mar 21 CoinDCX statement on X.

The complaint was lodged on Mar 16 in Thane. A fake site allegedly posed as CoinDCX and promised 10–12% returns and “franchise rights.” Funds totaled Rs 71.6 lakh, per public posts tracking the case thread summarizing the FIR claims.

CoinDCX points to widespread phishing. The team cites over 1,212 fake lookalike sites identified between Apr 2024 and Jan 2026 and says it works with cyber cells on takedowns community thread with company data.

Context differs by jurisdiction. In the US, courts have separated platform liability in some disputes, as when a California court dismissed a Coinbase user challenge over an IRS summons Coinspeaker: Coinbase IRS summons case.

Core facts and ongoing updates have been reported across social posts and industry media Coinspeaker coverage.