CoinDCX Co-Founders Arrested in Fraud Case Linked to Impersonation Websites

Indian police have arrested the co-founders of crypto exchange CoinDCX in connection with a criminal breach of trust case tied to alleged online fraud. The arrests involve Sumit Gupta and Neeraj Khandelwal, who were taken into custody as part of an ongoing investigation into impersonation-related scams affecting users.

CoinDCX denies the allegations, calling it a fraud conspiracy by impersonators;

CoinDCX has denied any wrongdoing by its founders, describing the situation as a fraud conspiracy carried out by impersonators misusing the company’s identity. The exchange stated that it is cooperating fully with law enforcement agencies and emphasized that the co-founders were not involved in fraudulent activities linked to the impersonation network.Identity Misuse Allegations Involving Fake Websites

According to details cited from local reporting, the case stems from the misuse of the CoinDCX brand by fraudsters who created approximately 1,212 fake websites designed to impersonate the exchange. These fraudulent platforms allegedly misled users and contributed to financial losses, prompting authorities to register a First Information Report (FIR) under criminal breach of trust provisions.

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