Cryptocurrency Fraud: CoinDCX Co-Founders Arrest Trigger Investigation
Two co-founders of CoinDCX, a cryptocurrency exchange platform, were arrested in Thane for alleged fraud totaling Rs 71.6 lakh. Accused of cheating and breach of trust, the arrests stemmed from a complaint by an insurance advisor who claimed to be deceived by promised high investment returns. Investigations continue.
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In a significant development, Thane police have arrested two co-founders of the cryptocurrency exchange platform CoinDCX, Sumit Gupta and Neeraj Khandelwal, following allegations of a Rs 71.6 lakh fraud.
The arrests were made after an FIR was lodged on March 16 by an insurance advisor who accused them of cheating and criminal breach of trust alongside offering dubious high-return investment schemes. The complainant reported being duped of the amount between August 2025 and March this year, expecting lucrative returns from what they were led to believe was a legitimate cryptocurrency investment opportunity.
The police conducted an operation resulting in the apprehension of the accused in Bengaluru. Both were subsequently taken to Thane and presented before a local court, leading to their remand in police custody. Investigations are ongoing to uncover additional potential victims of this alleged scheme.
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