An Indian court has granted bail to CoinDCX co-founders Sumit Surendra Gupta and Niraj Ashok Khandelwal, ruling that no prima facie case exists against them in a fraud complaint.
The case involved a 71 lakh rupee ($75,000) alleged scam tied to a fake trading platform impersonating the crypto exchange.
The magistrate noted that “some other person by representing as accused cheated the informant,” with the complainant confirming in court that the founders were not involved.
The court also highlighted that the main accused had repaid the victim and that the founders were not present at the location where the fraudulent transaction occurred.
CoinDCX said the ruling supports its claim that the fraud stemmed from a third-party impersonation site, warning users about phishing risks and urging verification of official platforms.
The case adds to broader concerns over impersonation scams targeting crypto users in India’s growing digital asset market.
CoinDCX, valued at around $2.45 billion, has previously faced scrutiny following a $44 million internal account hack in 2025, though it said no customer funds were affected.