Key Highlights
- CoinDCX co-founders were questioned after an FIR linked to an alleged Rs 71 lakh crypto fraud.
- The exchange said the scam was carried out through a fake website using CoinDCX branding and founder identities.
- CoinDCX said it is cooperating with authorities and framed the case as part of a wider impersonation scam problem.
CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal were called for questioning on March 21 after a First Information Report was filed in connection with an alleged Rs 71 lakh crypto fraud.
According to a report, the case stems from a complaint by a 42-year-old insurance consultant who said he was cheated through what was presented as a CoinDCX-linked investment opportunity. According to people familiar with the matter, the questioning followed an FIR lodged at a police station in the Mumbai region earlier this month.
CoinDCX has denied wrongdoing and said the fraud did not occur through its platform.
Exchange says scam used impersonation website
In a statement posted on X, CoinDCX said the complaint was based on a scheme run through a fake website that copied the company’s branding and used the identities of its founders without authorization.
According to the company, the website involved in the case used the domain coindcx.pro, which it said has no connection to CoinDCX. The exchange also said the victim did not contact the company before the FIR was filed.
CoinDCX described the complaint against its founders as false and said the case appears to be linked to impersonators using its name to defraud the public.
Company points to wider impersonation problem
The exchange said the alleged scam involved transfers to third-party accounts unrelated to CoinDCX, rejecting claims that the funds moved through its own systems.
It added that brand impersonation and cyber-enabled financial fraud are becoming a wider problem in India’s digital finance market. CoinDCX said it has already issued a public warning on its website about fraudsters targeting users by posing as the company.
Between April 1, 2024, and January 5, 2026, CoinDCX said it identified more than 1,212 fake websites impersonating its official platform.
Investigation adds to scrutiny around crypto fraud
The questioning of the founders does not by itself establish liability, but it places another spotlight on how crypto scams in India are increasingly tied to fake domains, cloned branding, and social engineering rather than direct breaches of registered exchanges.
CoinDCX said it is cooperating with authorities and remains committed to supporting the investigation into the alleged fraud.
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