CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal have been arrested by Indian police over an alleged crypto investment fraud, according to local reports.
Authorities in Thane detained the executives following a complaint from an investor who claims to have lost around $85,000 in a scheme promising high returns linked to CoinDCX. The case alleges criminal breach of trust and involves multiple individuals.
The exchange has strongly denied the accusations, stating the fraud was carried out by impersonators using fake websites posing as CoinDCX. The company said it has identified over 1,200 fraudulent domains mimicking its platform since 2024.
CoinDCX added that it is cooperating with authorities and emphasized that the complainant did not engage directly with its official platform.
The arrests come during a challenging period for the firm, which previously faced a $44 million security breach in 2025.
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