Indian crypto exchange CoinDCX has dismissed fraud allegations tied to a Thane police investigation, calling the FIR against co-founders Sumit Gupta and Neeraj Khandelwal "false" and part of a "conspiracy" by impersonators.
The company confirmed it is cooperating with authorities but stressed no funds passed through its systems. A Mumbra-based insurance consultant reported $76,000 in losses after being lured by fake CoinDCX branding promising 10-12% returns.
CoinDCX said it has flagged over 1,212 counterfeit websites mimicking its platform between April 2024 and January 2026. Regulatory experts warn that India’s lack of clear crypto oversight enables such scams.
The case follows CoinDCX’s July 2025 $44.2 million treasury breach-a separate incident involving an internal credential compromise.