Thane police question CoinDCX founders in fake site probe after investor loses $75k

Thane police questioned CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal in Maharashtra, following a first information report that opened a fraud probe into a website that allegedly mimicked the crypto exchange. The complaint, filed by a 42-year-old insurance consultant, claims a loss of about 7.1 million Indian rupees (roughly $75,000) after investments were routed through the fake site.

In a public statement, CoinDCX called the FIR “false and filed as a conspiracy” by impersonators posing as its founders. The company contends the scammers diverted money to third-party accounts with no link to the exchange and noted it is “fully cooperating with the relevant law enforcement authorities.” The firm also highlighted ongoing efforts in user education to reduce the risk of brand impersonation and cyber fraud.

The exchange reported a spike in look-alike domains. From April 1, 2024, through Jan. 5, 2026, it logged more than 1,212 websites impersonating its coindcx.com domain, reflecting persistent phishing and copycat schemes that target Indian crypto users.

India has recorded growth in online investment fraud. Government data indicates that investment scams accounted for 76% of total financial losses in 2025.

Outside India, Web3 platforms globally lost an estimated $3.95 billion to hacks and exploits in 2025 as attackers pivoted to phishing, private key theft, protocol bugs, and compromised operational accounts.

Founded in 2018 and based in Mumbai, CoinDCX operates as one of India’s larger crypto trading platforms. The company was valued at about $2.45 billion after an investment from Coinbase Ventures in October 2025. In July 2025, CoinDCX disclosed a security incident in which attackers stole roughly $44 million from an internal operational account; the company indicated customer assets were not affected.