Indian Court Rules CoinDCX Founder Not Guilty and Approves Bail

SmartContractAuditor · 2026-03-25T11:29:07+00:00

India's Thane Court ruled that CoinDCX co-founder does not constitute preliminary evidence of crime and approved bail. The fraud incident involved counterfeit websites unrelated to CoinDCX, and the main suspects have issued full refunds. CoinDCX reminds users to be aware of counterfeit and phishing risks.

SmartContractAuditor

2026-03-25 11:29:07

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Odaily Planet Daily reports that on March 23, the Tana District Court in India ruled that CoinDCX co-founders Sumit Gupta and Niraj Khandelwal are not preliminarily guilty of the fraud involving 7.1 million rupees (approximately $75,000). The court approved their bail. Investigations showed that the fraudulent activity actually took place on a counterfeit website coindcx.pro, which has no connection to the official CoinDCX platform. The main suspect, Rana, has fully refunded the victims, who also confirmed in court that neither of the founders was involved in the meeting at the café.

CoinDCX later issued a statement calling the incident a “third-party impersonation” and reminded users to verify domain names and interact only through official channels to prevent the increasing prevalence of counterfeiting and phishing scams in India’s crypto industry. (Cointelegraph)

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