Thane, March 23 The Thane police have arrested two co-founders of cryptocurrency exchange platform CoinDCX in connection with an alleged fraud of Rs 71.6 lakh, officials said on Monday.
The action follows the registration of an FIR at the Mumbra police station in Thane on March 16 against CoinDCX co-founders Sumit Gupta, Neeraj Khandelwal, and others on charges of cheating, criminal breach of trust, and fraud, they said.
A 42-year-old insurance advisor, the complainant in the case, alleged that he was defrauded of Rs 71.6 lakh between August 2022 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, according to the police.
The complainant transferred Rs 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, they said.
A Mumbra police team apprehended the two accused from Bengaluru on Saturday. They were later brought to Thane and produced before a local court on Sunday, which remanded them to police custody until Monday, senior police inspector Anil Shinde said.
"A detailed investigation is underway to determine if there are more victims linked to this investment scheme," the official added.
