India's Largest Crypto Exchange CoinDCX's Founders Arrested, the Allegations Might Surprise You

Key Takeaways

• The co-founders of CoinDCX were arrested by Thane Police connected March 22.

• The $85,000 fraud allegation stems from a complaint, but CoinDCX calls it a conspiracy by impersonators utilizing fake websites.

• India’s crypto enforcement remains patchy, depending connected PMLA and wide transgression laws, exposing compliant exchanges to impersonation risks.

In a melodramatic crook of events, the co-founders of CoinDCX, the country’s largest crypto exchange, were taken into custody. 

Sumit Gupta and Neeraj Khandelwal, the 2 co-founders who built CoinDCX, were arrested by Thane Police implicit the weekend.

What makes the CoinDCX founders’ apprehension peculiarly startling is the company’s steadfast assertion that the full substance stems from blase impersonators, not immoderate wrongdoing by the speech itself.

The allegations astatine the bosom of the CoinDCX founders’ apprehension halfway connected a reported fraud of ₹71.6 lakh (approximately $85,000). 

The complainant, a 42-year-old security advisor, claims helium was lured betwixt August 2025 and February 2026 with promises of precocious returns connected cryptocurrency investments and exclusive “franchise opportunities” tied to CoinDCX.

According to the FIR, the accused, including the named founders, allegedly assured regulatory approvals and lucrative payouts. The unfortunate reportedly transferred funds done currency and slope deposits to third-party accounts. When nary returns materialized, and the promised franchise rights failed to appear, the parties allegedly became untraceable. 

At archetypal glance, these claims overgarment a representation of classical concern fraud. However, the speech has categorically denied immoderate involvement, calling the FIR “false” and portion of a larger conspiracy.

In an authoritative statement, CoinDCX declared: 

“The FIR filed against our co-founders is mendacious and filed arsenic a conspiracy against CoinDCX by impersonators posing arsenic Founders of CoinDCX and cheating the nationalist astatine large.” 

The institution revealed it has reported implicit 1,212 fake websites impersonating coindcx.com betwixt April 2024 and January 2026. Fraudsters allegedly created lookalike sites, impersonated the founders, and diverted funds to unrelated accounts.

CoinDCX emphasized that the full conspiracy falsely claims that funds were transferred successful currency to third-party accounts with nary narration to CoinDCX.

The speech has issued nationalist warnings connected its website and societal media, condemned the rising incidence of marque impersonation successful India’s integer concern space, and reiterated its afloat practice with authorities. 

The astonishment constituent present is the information that nary grounds links the transactions to CoinDCX’s authoritative platforms, wallets, oregon operations, pointing alternatively to outer scammers exploiting the brand’s popularity.