Crypto Exchange CoinDCX Co-Founders Held on Fraud Charges

• CoinDCX co-founder held on fraud charges.
• The complainant filed an FIR against the crypto exchange platform on March 16, 2026.
• CoinDCX has called these allegations false and a conspiracy.

The co-founders of CoinDCX, a crypto exchange platform, have been held on allegations of fraud. Mumbra police station acted on an FIR filed in mid-March. The complainant has alleged that he was also offered a franchise opportunity. CoinDCX has called these allegations false and a conspiracy.

Crypto Exchange CoinDCX Co-Founders Held

Sumit Gupta and Neeraj Khaderwal have been arrested by the Thane police. Allegations against them, and others arrested with them, are of fraud, cheating, and criminal breach of trust. They have been accused of ₹71.6 lakh worth of fraud.

A statement by a police official has mentioned both Coin-DCX co-founders and confirmed that action has been taken against their alleged connection to fraud. Officials added that charges against them are not just of fraud but also of cheating and criminal breach of trust.

FIR by Complainant

The complainant in the case is reportedly a 42-year-old insurance advisor. He filed an FIR on March 16, 2026, alleging that he was duped between August 2025 and March 2026 for ₹71.6 lakh.

Additionally, he said that he was lured by promises of high returns by investing in the company that was purportedly associated with it. Not just returns, the complainant has said in the FIR that he was even offered an opportunity for a franchise. CoinDCX co-founders have also been accused by him of misappropriating funds.

All the funds were reportedly not transferred at once. They were transferred in cash and online in different transactions. The case is being probed to first check if more investors or platform users are linked to it.

Statement by CoinDCX

Crypto platform CoinDCX has released a statement, wherein it has called all allegations false and an attempt, or a conspiracy, to hurt the image of the company. We have taken cognizance, CoinDCX said in a statement, adding that funds were transferred to third-party accounts that are not related to the platform.

CoinDCX has expressed its support to authorities who are investigating the case. It has also confirmed that almost 1,212 fake websites impersonating the official website were reported by them between April 01, 2024, and January 05, 2026.

The incident came days after users expressed their confusion with the crypto withdrawal policy of the platform. Users said that their withdrawal requests were not being processed. CoinDCX responded by saying that restrictions were related to user safety and compliance.

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