A Justice of the Peace court docket 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 criticism linked to a pretend buying and selling platform posing because the Indian crypto trade.
The court docket’s frequent order on March 23 on their bail functions concluded that they had been entitled to bail as a result of no case was made out towards them, even on an preliminary have a look at the accessible proof. The founders had been taken in for questioning on Saturday and remanded over the weekend after a criticism 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 befell, including that “another individual by representing as accused cheated the informant,” a truth the informant has admitted in court docket.
CoinDCX says bail order backs “third‑get together impersonation”
In a March 24 assertion on X, CoinDCX stated the court docket proceedings supported a “third-party impersonation” situation and that the fraud occurred on a lookalike website, coindcx.professional, which it stated had no connection to the corporate.
The choose famous that the informant filed an affidavit stating that one other accused, Rana, had repaid him the cheated quantity and that the candidates are usually not 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 principle accused, the court docket 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 concentrating on well-known manufacturers in India’s monetary and crypto sectors, urging customers to confirm domains and solely work together with the trade’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 below scrutiny for safety issues after a July 2025 incident through which hackers drained roughly $44 million from one in every of its inner operational accounts, though CoinDCX emphasised that no buyer funds had been compromised.
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