Mumbai Police Arrest CoinDCX Leaders in Alleged 71 Lakh Crypto Rip-Off
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Tension grips Mumbai’s crypto scene as police haul in CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal over a Rs 71 lakh fraud allegation. The crackdown stems from an FIR detailing a victim’s ordeal in a crypto deception racket.
The complainant alleged systematic cheating amounting to 71 lakhs, leading to summons and subsequent arrests. This bold move by law enforcement signals zero tolerance for digital finance malfeasance.
CoinDCX responded with outrage, decrying the FIR as a ‘fabricated conspiracy’ by name-usurping crooks. Their X post laid bare the truth: scams happened on phony lookalike sites, bypassing their secure platform entirely.
Emphasizing vigilance, the exchange noted prior alerts on such threats and their tracking of over 1,200 impostor domains from April 2024 to January 2026. FIR inaccuracies, like phantom third-party payouts, were shot down point-blank.
They’re all-in with investigators, aiming for swift vindication. This flare-up amplifies alarms over impersonation epidemics plaguing online investing.
For the crypto faithful, it’s a wake-up call amid sector growth. Platforms like CoinDCX are fortifying defenses, but user diligence remains paramount. Will this lead to tighter safeguards or just more headlines? Stay tuned as facts unfold.
