CoinDCX denies any connection to the fraud

According to multiple media reports, authorities in Thane, the metropolitan area of Mumbai, filed a case (FIR) on March 16, accusing Sumit Gupta and NeerajKhandelwal, co-founders of CoinDCX, of suspected fraud and criminal breach of trust, involving a total amount of 716,000 rupees (approximately US$85,000) in an investment plan. CoinDCX has strongly denied the allegations, calling the FIR a "false" accusation and blaming the case on impostors who used their brand identity. The company said in a public statement that fraudsters created fake websites that counterfeit its platform and pretended to be company executives to deceive investors. The exchange noted that between April 2024 and January 2026, more than 1,212 fraudulent domain names impersonating its website had been reported and said it was fully cooperating with law enforcement investigations. The exchange also emphasized that the incident did not have any impact on user funds, trading activities or platform security.