Indian Court Rules CoinDCX Founder's Fraud Allegations Unfounded, Grants Bail

March 25th, according to Cointelegraph, the Thane District Court in India has approved the bail applications of CoinDCX co-founders Sumit Surendra Gupta and Niraj Ashok Khandelwal, ruling that the fraud charges of ₹710,000 (approximately $75,000) against them are not valid. The case involves a fake trading platform impersonating CoinDCX. The court noted that the investigating officers had no objection to their release, that the applicants were not present at the scene of the crime, and that someone else impersonated them to commit the fraud, a fact the complainant admitted in court. CoinDCX stated on X that the court's ruling confirmed a third-party impersonation scam, and that the fraud occurred on the fake website coindcx.pro, unrelated to the company. The court also pointed out that the complainant submitted an affidavit stating that another defendant had repaid the defrauded funds and that the applicants were not the individuals they met at the cafe. Each founder must pay a security deposit of ₹50,000 to be released and cooperate with the investigation.