CoinDCX Co-Founders Questioned Over Alleged ₹71.6 Lakh Fraud

CoinDCX, India's largest cryptocurrency exchange by valuation, is facing a fresh crisis after being summoned for police questioning in connection with a fraud complaint. The company's co-founders, Sumit Gupta and Neeraj Khandelwal, were questioned by Thane Police on March 21 regarding a First Information Report filed on March 16.

The complainant, a 42-year-old insurance consultant from Mumbra, alleged losses of ₹71.6 lakh (approximately $85,000) after investing in a scheme between August 2025 and March 2026 that promised 10-12% returns.

CoinDCX denied any wrongdoing, stating that the fraud was carried out through an unrelated site with no connection to its official platform, coindcx.com. The company claimed funds were diverted to third-party accounts unrelated to the exchange.

This is not CoinDCX's first run-in with scams. In July 2025, hackers used a fake job offer to install malware on an employee's laptop and drained $44.2 million from an internal operational wallet.