FIR Filed Against CoinDCX Founders For Cheating, Company Denies

Crypto exchange CoinDCX has termed a Police first information report (FIR) filed against its cofounders Sumit Gupta and Neeraj Khandelwal as false claims. 

This follows Moneycontrol reporting that Gupta and Khandelwal were called for questioning on March 21 at a Mumbai Police station. Another report by Economic Times claimed that the duo were arrested following the FIR, which alleged cheating and financial fraud.

In a post on social media platform X, the unicorn claimed that impersonators posed as founders of the company to “cheat the public at large”.

“We have taken cognisance of the fact and published a notice to the public at large on our website that CoinDCX is being targeted by fraudsters. The entire conspiracy falsely claims that funds were transferred in cash to third-party accounts which have no relation to CoinDCX,” the company’s X handle read.

Responding to Inc42’s queries on the matter, CoinDCX said that it reported over 1,212 fake websites impersonating the company’s name and nature of business between April  2024 and January 5, 2026. “We have no concern with these websites and it is fake,” the company confirmed in a statement.

The crypto exchange also said it is cooperating with law enforcement agencies investigating the matter, adding that it remained committed to supporting authorities in addressing the misconduct.

Inc42 has not been able to access the particulars of the FIR or the case. 

However, sources told Moneycontrol that CoinDCX cofounders were called for questioning before a Police station in Mumbai’s Mumbra in connection with a crypto scam. As per the report, the action came after an FIR was filed on the complaint of a 42-year-old insurance consultant, who was duped of ₹71 Lakh by a website that allegedly impersonated CoinDCX.

“Sumit and Neeraj have been called for questioning. The victim who lost over ₹71 lakhs through the scam had done it through a fake website impersonating CoinDCX. The fake website had a URL: coindcx.pro. The victim didn’t even reach out to the company with this issue prior to the FIR. The founders are equally taken aback by the sudden complaint,” a source close to the development reportedly said.

Founded in 2018 by Gupta and Khandelwal, CoinDCX allows users to trade in cryptocurrencies and other digital assets. The platform claims to have so far served more than 2 Cr users, with quarterly trading volumes north of over ₹2.4 Lakh Cr.

The crypto unicorn posted a net profit of ₹1.7 Cr in FY25, up nearly 15% from ₹1.5 Cr in the previous fiscal. Meanwhile, operating revenue rose 43% to ₹559.6 Cr in the fiscal year under review as against ₹391.8 Cr in FY24. 

This is not the first time that CoinDCX has landed in a controversy. Last year, the crypto exchange was hit by a major cyberattack, which saw hackers steal assets worth $44 Mn from its internal operational account. 

The post FIR Filed Against CoinDCX Founders For Cheating, Company Denies appeared first on Inc42 Media.