CoinDCX founders get bail as court cites lack of prima facie evidence
24 Mar 2026, 08:36 PMThe founders were apprehended last week on March 21 from Bengaluru and produced before a holiday court in Thane for alleged fraud.
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The founders of crypto exchange CoinDCX, Sumit Gupta and Neeraj Khandelwal, have been granted bail by a court in Thane district after they were arrested last weekend for alleged cheating and fraud.
Magistrate Nilesh Rathod has ordered the duo's release upon furnishing a surety of Rs 50,000 each, citing a lack of prima facie evidence against the founders.
The founders were apprehended last week on March 21 from Bengaluru and produced before a holiday court in Thane. The court had remanded them to police custody until Monday.
The Thane Police had registered an FIR against six individuals, including Gupta and Khandelwal, in connection with an alleged fraud of Rs 71.6 lakh.
According to the complaint, an insurance advisor was lured between August 2025 and February 2026 to invest in cryptocurrency and a franchise opportunity linked to CoinDCX, with assurances of high returns and regulatory approvals. The complainant alleged that payments were made in cash and through bank transfers, but the promised franchise and returns were not delivered. He further claimed that the accused later became untraceable.
In a statement posted on X, CoinDCX had said the FIR is “false” and attributed the case to an impersonation scheme involving individuals posing as the company’s founders. The company stated that it has issued public warnings about fraudsters misusing its brand, including through fake websites.
Last year in November, the Enforcement Directorate had provisionally attached assets worth Rs 8.46 crore held in 92 banking and cryptocurrency accounts including CoinDCX as part of a probe into a cyber fraud operation in the country.
Last month, the broader fintech and financial services industry war rocked by the news of the arrest of Fino Payments Bank's Managing Director and CEO Rishi Gupta.
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