An FIR has been registered against the cofounders of crypto exchange CoinDCX Sumit Gupta and Neeraj Khandelwal, the company confirmed in a social media post. The complaint was filed on allegations of cheating and financial fraud. However, CoinDCX has strongly denied any wrongdoing, claiming the FIR is linked to a broader impersonation scam targeting the platform and its leadership.
According to a report by Economic Times, the founders were arrested and questioned by the police following the FIR.
In its statement, the company said fraudsters posing as its founders allegedly misled individuals and diverted funds into unrelated third-party accounts. It clarified that the accounts mentioned in the complaint are not connected to its official operations.
“The FIR filed against our cofounders is false and appears to be part of a conspiracy involving impersonators posing as CoinDCX founders and cheating the public,” the company said, adding that it has issued a public notice warning users about such fraudulent activities.
CoinDCX highlighted that brand impersonation and cyber fraud have become a growing concern in India’s digital finance ecosystem, particularly with the rise in retail participation in cryptocurrency and online investment platforms. The firm claimed that it had identified and reported more than 1,212 fake websites impersonating its domain between April 2024 and January 2026.
The exchange said it is fully cooperating with law enforcement agencies investigating the case and reiterated its commitment to enhancing user awareness and security measures.
“We strongly condemn such actions and remain fully committed to supporting authorities in addressing such misconduct,” the company added, as the investigation into the matter continues.