Several reports note that authorities in Thane, part of the Mumbai metropolitan region, registered a First Information Report (FIR) on March 16 alleging cheating and criminal breach of trust tied to an investment scheme totaling ₹71.6 lakh, or roughly $85,000.

Multiple Indian media outlets reported the founders were ostensibly detained in Bengaluru and presented before a court, while other accounts indicated they were summoned for questioning without a confirmed arrest status.

The complaint centers on a 42-year-old insurance advisor from Mumbra who, along with two associates, claims to have been lured into a fraudulent investment opportunity between August 2025 and early 2026. The scheme allegedly promised monthly returns of 10% to 12% and franchise opportunities linked to CoinDCX. Funds were transferred via cash and bank payments but were never returned, according to the FIR.

Reports claim the police named six individuals in the case, including the two co-founders, though investigators have not publicly established a direct operational link between the alleged fraud and CoinDCX’s official platform or infrastructure. The funds in question were reportedly routed to third-party accounts unrelated to the exchange.

CoinDCX has strongly denied the allegations, describing the FIR as “false” and attributing the case to impersonators exploiting its brand. In a public statement, the company said scammers created fake websites mimicking its platform and posed as company executives to deceive investors.

The exchange noted it has reported more than 1,212 fraudulent domains impersonating its website between April 2024 and January 2026 and said it is cooperating fully with law enforcement. It also emphasized that no user funds, trading activity, or platform security were affected by the incident.

“The FIR filed against our co-founders is false and filed as a conspiracy against CoinDCX by impersonators posing as Founders of CoinDCX and cheating the public at large,” the exchange wrote on X. “We have taken cognizance of the fact and published a notice to public at large 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.”

CoinDCX further stressed that “brand impersonation” was an “increasing concern in India’s digital finance ecosystem.” As of March 22, the investigation remains ongoing, with authorities reportedly examining the roles of all named individuals. The case highlights a broader issue in India’s digital asset sector, where impersonation schemes have increasingly targeted retail investors using cloned websites and false promises of high returns.

• Why were CoinDCX founders investigated?
  They were named in an FIR alleging cheating and breach of trust tied to a crypto investment scheme.
• Did the fraud involve CoinDCX’s platform or user funds?
  No, authorities and the company state that the alleged scam used third-party accounts unrelated to the exchange.
• What is CoinDCX’s response to the allegations?
  The company vehemently denies involvement and says impersonators used fake websites to mislead investors.
• What happens next in the case?
  Police reportedly continue investigating the individuals named in the FIR, with legal proceedings expected to develop after court review.

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