Law enforcement officials have questioned CoinDCX founders Sumit Gupta and Neeraj Khandelwal in connection with an impersonation-based crypto fraud reported in Thane, Maharashtra, underscoring rising concerns over scams that exploit India’s expanding digital investment market.
Founders questioned as part of Thane FIR
The questioning relates to a First Information Report (FIR) lodged in Thane, where police are probing an alleged fraud involving fake crypto investment schemes. Authorities summoned the exchange’s founders after their names appeared in the complaint, asking them to assist with the investigation.
Investigators are examining the nature and scope of the alleged crime and tracing those responsible. Sources familiar with the probe say it is at an early stage and that no conclusive evidence of wrongdoing by the founders has yet been established.
Alleged ₹71.6 lakh loss via impersonation
The complaint was filed by an insurance consultant based in Mumbra, who says he and two acquaintances lost a combined ₹71.6 lakh between August 2025 and March 2026 after responding to outreach from fraudsters.
According to the FIR, the accused impersonated CoinDCX representatives, promising fixed returns of 10–12% on crypto investments and using counterfeit websites and promotional material that closely mimicked the exchange’s branding to gain victims’ trust. The complainant reported investing ₹26.6 lakh, while two associates invested nearly ₹45 lakh; the returns never materialised and the perpetrators became unreachable.
CoinDCX rejects involvement, cites widespread impersonation
CoinDCX has denied any involvement in the alleged scheme, calling the case a “clear instance of impersonation.” The company emphasised that it does not offer guaranteed returns or operate investment schemes promising fixed yields, and said the complainant had no verified dealings with its official platform.
The exchange also disclosed that it has identified more than 1,200 fake websites purporting to be CoinDCX, highlighting the scale of brand‑impersonation risks in the crypto sector. CoinDCX said it is cooperating fully with investigators to help track the perpetrators and take down fraudulent sites.
Context: rising impersonation and investor protection
Security experts and regulators have repeatedly warned that cybercriminals increasingly exploit the reputations of established fintech and crypto platforms to run sophisticated impersonation and investment scams. Common tactics include cloned websites, phishing messages, fake promotional offers, and impersonation of company representatives.
Authorities and industry stakeholders advise investors to verify URLs, use official apps or verified channels, enable two‑factor authentication, and be wary of offers promising guaranteed or unusually high returns. The ongoing Thane probe is likely to provide further insight into the methods used and could prompt tighter scrutiny of impersonation frauds as India’s crypto ecosystem continues to evolve.
