A Justice of the Peace courtroom in Thane, India, has granted bail to CoinDCX co-founders Sumit Surendra Gupta and Niraj Ashok Khandelwal, ruling that no prima facie case was made out towards them in a 71 lakh Indian rupees ($75,000) dishonest grievance linked to a pretend buying and selling platform posing because the Indian crypto alternate.
The courtroom’s frequent order on March 23 on their bail purposes concluded that they have been entitled to bail as a result of no case was made out towards them, even on an preliminary take a look at the accessible proof. The founders have been taken in for questioning on Saturday and remanded over the weekend after a grievance alleged they’d duped an investor.
Within the order, the Justice of the Peace recorded that the investigation officer had “no objection” to their launch and that the candidates weren’t current in Mumbra when the alleged offence passed off, including that “another particular person by representing as accused cheated the informant,” a truth the informant has admitted in courtroom.
CoinDCX says bail order backs “third‑get together impersonation”
In a March 24 assertion on X, CoinDCX stated the courtroom proceedings supported a “third-party impersonation” situation and that the fraud occurred on a lookalike web site, coindcx.professional, which it stated had no connection to the corporate.
The decide famous that the informant filed an affidavit stating that one other accused, Rana, had repaid him the cheated quantity and that the candidates will not be the individuals he met at a café in Kausa Mumbra the place the fraudulent deal was struck.
With the matter “amicably settled” between the informant and the primary accused, the courtroom stated there was no query of the founders tampering with proof or witnesses.
Every was ordered launched on bail upon executing a 50,000 Indian rupee bond (roughly $530) provided that they cooperate with the investigation and trial.
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CoinDCX framed the episode as a part of a broader rise in impersonation and phishing scams focusing on well-known manufacturers in India’s monetary and crypto sectors, urging customers to confirm domains and solely work together with the alternate’s official platform and social media profiles.
Prior scrutiny surrounding CoinDCX
Established in 2018 and headquartered in Mumbai, CoinDCX ranks amongst India’s most distinguished cryptocurrency exchanges. The corporate reached an estimated valuation of round $2.45 billion following a funding spherical led by Coinbase Ventures in October 2025.
The platform has beforehand come underneath scrutiny for safety issues after a July 2025 incident by which hackers drained roughly $44 million from considered one of its inside operational accounts, though CoinDCX emphasised that no buyer funds have been compromised.
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