Indian Police Investigate CoinDCX Founders in Impersonation Fraud Case

Founded in 2018, CoinDCX is one of India’s leading cryptocurrency exchanges and was valued at about $2.45 billion after receiving an investment from Coinbase Ventures in October 2025. The case arose after a 42-year-old insurance adviser alleged that he had been defrauded of 7.16 million rupees, underscoring how impersonation websites can draw legitimate platforms and their executives into criminal cases.

The victim filed a complaint with Mumbra police in Thane on March 16, 2026. Sumit Gupta and Neeraj Khandelwal were subsequently detained by police in Bengaluru. On March 23, a Thane court found insufficient preliminary evidence and granted each man bail of 50,000 rupees. The court noted that the scam used the impersonation website coindcx.pro and that the victim acknowledged having never interacted with either founder.