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CoinDCX founders questioned in impersonation fraud case; firm denies allegations in FIR

Entrackr · 16h ago

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News All Stories CoinDCX founders questioned in impersonation fraud case; firm denies allegations in FIR “Both founders, Sumit Gupta and Neeraj Khandelwal, were questioned at Bellandur Police Station as part of an ongoing investigation,” said one source, requesting anonymity. Harsh Upadhyay 21 Mar 2026 21:49 IST Police on March 20 questioned the founders of crypto exchange CoinDCX in connection with a cryptocurrency investment fraud case involving impersonation, according to three sources aware of the matter. “Both founders, Sumit Gupta and Neeraj Khandelwal, were questioned at Bellandur Police Station as part of an ongoing investigation,” said one source, requesting anonymity. “The case involves fraudsters who allegedly impersonated CoinDCX, as well as its founders, to carry out the scam.” According to sources, the questioning was conducted as part of an investigation led by the Thane Police. An FIR registered on March 16 at a police station in Thane names multiple individuals, including Sumit Gupta, Neeraj Khandelwal, Akash Rana, Rahul Gupta, P. Vasudev, and Shivam Sharma, in connection with the case. The FIR states that the complainant was introduced to individuals posing as company representatives who convinced him to invest large sums with promises of 10–12% returns, supported by promotional material and documents. As per the FIR, a Mumbra-based insurance consultant alleged he was duped of Rs 71.6 lakh between August 2025 and March 2026 after being lured into a high-return crypto scheme linked to CoinDCX.pro, falsely presented as associated with CoinDCX. He invested Rs 26.6 lakh, while two acquaintances, Ajendra Singh Chauhan and Narendra Singh Chauhan, invested Rs 25 lakh and Rs 20 lakh, respectively, but the returns never materialised and the accused became untraceable. The trio’s attempts to contact the accused or verify the company’s offices were unsuccessful, prompting them to approach the police. Entrackr has a copy of the FIR. CoinDCX, however, denied the allegations in a statement to Entrackr. “The FIR filed against our co-founders is false and has been filed as part of a conspiracy against CoinDCX by impersonators posing as its founders and cheating the public at large. We have taken cognisance of the matter and published a public notice on our website stating that CoinDCX is being targeted by fraudsters,” the statement added. The firm said it is cooperating with authorities and that the complainant has no association with its platform. It added that it does not offer franchise programs and has reported over 1,200 fake websites to CERT-In. In July 2025, CoinDCX disclosed a security breach that resulted in the theft of $44.2 million from its treasury, although it said no user funds were impacted. A software engineer at the firm, Rahul Agarwal, was later arrested for allegedly facilitating the breach through a sophisticated attack on an internal wallet. CoinDCX Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here.