The police recently questioned the co-founders of CoinDCX as part of an ongoing investigation.
Authorities said both Sumit Gupta and Neeraj Khandelwal were questioned at a police station in Bengaluru. The current investigation is linked to a complaint filed in Thane, where a number of people were named in a First Information Report (FIR).
Source: Indiatimes
According to the complaint, fraudsters posed as CoinDCX officials and convinced unsuspecting victims to invest in a fake crypto scheme.
They promised returns of about 10-12% and even used promotional materials to appear legitimate. One victim, an insurance consultant, claimed he and two others lost a total of ₹71.6 lakh between August 2025 and March 2026.
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The victims said they were directed to a platform called CoinDCX.pro, which was falsely presented as being connected to the real company. After making the investments, they were unable to withdraw their funds, and the alleged scammers became unreachable.
CoinDCX Denies the Allegations
The platform has denied any involvement in the fraud. The company stated that the FIR that named its founders is false and part of a wider impersonation scheme targeting the crypto brand.
The firm also explained that fraudsters have been posing as its executives and misleading the public. It also said the complainant has no connection to its official platform and confirmed that it does not run any kind of franchise or investment programs.
The platform added that it is working with authorities to resolve this case, as the company also revealed that it has reported more than 1,200 fake websites linked to such scams to India’s cybersecurity agency.
The case highlights the growing risk of impersonation scams in the crypto industry and the need for users to verify platforms before making use of them.
Also Read: FBI Issues Warning Over Fake Tron Token Scam Targeting Crypto Users
