CoinDCX, a prominent cryptocurrency exchange, has dismissed a police first information report (FIR) against its cofounders, Sumit Gupta and Neeraj Khandelwal, as unfounded.
Reports indicate that Gupta and Khandelwal were summoned for questioning at a Mumbai police station on March 21. An FIR alleges cheating and financial fraud, leading to confusion about their arrest.
In a statement on social media platform X, CoinDCX asserted that impersonators had misrepresented the founders to deceive the public. The company emphasized,
“We have taken cognizance of the fact and published a notice to the public at large on our website that CoinDCX is being targeted by fraudsters.”
CoinDCX reported that between April 2024 and January 5, 2026, it identified over 1,212 fraudulent websites using its name. The exchange stated, “We have no concern with these websites and it is fake.”
The company is cooperating with law enforcement in the ongoing investigation and remains committed to assisting authorities in addressing the issue.
While specific details of the FIR remain inaccessible, sources revealed that the cofounders were questioned in connection with a crypto scam involving a 42-year-old insurance consultant who lost ₹71 lakh to a fraudulent website impersonating CoinDCX.
According to reports, the victim engaged with a fake website, coindcx.pro, without first contacting CoinDCX regarding the issue. A source noted, “The founders are equally taken aback by the sudden complaint.”
Founded in 2018, CoinDCX enables users to trade cryptocurrencies and digital assets, boasting over 2 crore users and quarterly trading volumes exceeding ₹2.4 lakh crore.
In FY25, CoinDCX reported a net profit of ₹1.7 crore, a 15% increase from the previous fiscal year, with operating revenue rising 43% to ₹559.6 crore.
This incident is not the first controversy for CoinDCX; the exchange previously suffered a significant cyberattack, resulting in the theft of $44 million from its operational account.
