A magistrate court in Thane has granted bail to co-founders of CoinDCX after ruling that no prima facie case existed against them in a fraud complaint involving 71 lakh Indian rupees (about $75,000).
The decision cleared Sumit Surendra Gupta and Niraj Ashok Khandelwal, who had been questioned following allegations that an investor was cheated through a platform falsely claiming to represent the exchange.
According to the court’s March 23 order, investigators confirmed that the founders were not present in Mumbra when the alleged fraud took place. The informant acknowledged that another individual posing as the accused carried out the deception.
The case centered on a lookalike website, coindcx.pro, which was reportedly used to impersonate the official platform. Authorities noted that the investigation officer had no objection to granting bail, reinforcing the conclusion that the founders were not directly involved in the incident.
Settlement and Bail Conditions Finalized
Court records showed that the main accused had already repaid the cheated amount, leading to an amicable settlement between parties. As part of the bail conditions, each founder was required to post a 50,000-rupee bond (about $530) and cooperate with ongoing legal proceedings.
The exchange described the incident as part of a growing trend of phishing and impersonation scams targeting recognized financial and crypto platforms, urging users to verify official domains before engaging in transactions.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.