Thane, March 23 The complainant in the ₹71.6 lakh fraud case, in which cryptocurrency exchange platform CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal were arrested, told a Thane court on Monday that he had recovered his invested amount from another accused and no longer has any grievances in the matter.
During the proceedings, the 42-year-old complainant filed an affidavit stating that he had received the funds from one of the six accused in the case.
The complainant further stated that he does not know the two arrested co-founders, following which Gupta and Khandelwal moved a bail application before the court. It is expected to give an order on their plea on Tuesday.
The police, however, said that the investigation remains ongoing despite the complainant's affidavit, and all efforts are being made to apprehend the other four accused.
The arrests were made following a FIR registered on March 16 at the Mumbra police station here against Gupta, Khandelwal and four others on charges of fraud, criminal breach of trust, and fraud, according to officials.
The complainant, a 42-year-old insurance advisor, had claimed he was defrauded of ₹71.6 lakh between August 2025 and March this year after being lured by promises of high returns by investing in a firm, purportedly associated with the cryptocurrency platform.
He was also offered a franchise opportunity, he said in his complaint.
The complainant, a resident of Mumbra, transferred ₹71,60,015 through cash and online transactions at different times. However, the invested amount was not returned, and instead the funds were allegedly misappropriated, as per police.
A Mumbra police team apprehended Gupta and Khandelwal from Bengaluru on Saturday. They were later brought to Thane and produced before a local court on Sunday, which remanded them in police custody until Monday, senior police inspector Anil Shinde said.
The company, however, in a statement on Monday, claimed, "The FIR filed against our co-founders is false, and was filed as a conspiracy against CoinDCX by impersonators posing as Founders of CoinDCX and cheating the public at large."
"We have taken cognizance of the fact and published a notice to the public on our website that CoinDCX is being targeted by fraudsters. The entire conspiracy falsely claims that funds were transferred in cash to third-party accounts which have no relation to CoinDCX," it added.
Brand impersonation and related cyber frauds are an increasing concern in India’s digital finance ecosystem, and CoinDCX strongly condemn such actions, it said.
The company further said it is fully committed to supporting authorities in addressing such misconduct. "Between April 1, 2024 and January 5, 2026, we have reported over 1,212 fake websites impersonating coindcx.com," it said.
"We are fully cooperating with the relevant law enforcement authorities. We remain committed to education and user awareness to safeguard our community against such threats," it added.
