<\/p>
A court in Thane district on Tuesday granted bail to CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal in an alleged cheating case involving \u20b971.60 lakh.<\/p>
Magistrate Nilesh Rathod ordered their release on a surety of \u20b950,000 each and directed them to cooperate with the ongoing investigation.<\/p>
The founders were arrested from Bengaluru on March 21 after an FIR was registered at the Mumbra police station. They were initially sent to police custody till Monday and later to judicial custody after the complainant told the court that he had received the disputed amount from one of the six accused and did not know the co-founders.<\/p>
After being sent to jail, Gupta and Khandelwal moved a bail plea, which was heard on Tuesday.<\/p>
Their lawyers \u2014 Abhijeet Sawant, Pranav Badheka and Rajan Salunke \u2014 told the court that the co-founders had no role in the case and were victims of \u201cmistaken identity\u201d and fraudulent impersonation. They argued that the people the complainant met were not Gupta and Khandelwal, but others pretending to be them.<\/p>
The defence said the co-founders were not present at the time of the alleged meetings and that fraudsters used their names and the company\u2019s identity to cheat the complainant.<\/p>
\u201cThe real accused used the names of the directors and the company, thereby cheating the complainant. However, the individuals arrested were not the ones who met the complainant,\u201d the defence submitted.<\/p>
The lawyers also informed the court about a 2024 Delhi High Court order obtained by CoinDCX (Neblio Technologies) restraining unknown persons from misusing the company\u2019s name. They added that the company had already issued warnings on its website and app about such frauds.<\/p>
While granting bail, the court referred to the right to personal liberty.<\/p>
\u201cConsidering the object of Article 21 of the Constitution of India (related to protection of life and personal liberty) and the law laid down by the Hon\u2019ble Apex Court that \u2018bail is the rule and jail is the exception\u2019, I hold that the applicants\/accused are entitled to bail as prima facie no case was made out against them,\u201d the magistrate said.<\/p>
Police said the investigation is still ongoing and efforts are being made to trace the remaining four accused.<\/p>
The case is based on a complaint filed by a 42-year-old insurance advisor from Mumbra, who alleged that he was cheated of \u20b971.6 lakh between August 2025 and March this year after being promised high returns through a firm said to be linked to the cryptocurrency platform. He transferred \u20b971,60,015 through cash and online payments, but the money was not returned and was allegedly misused.<\/p>
CoinDCX denied the allegations in a social media post on Monday, saying the FIR filed against the company\u2019s co-founders is false and part of a conspiracy involving impersonators posing as CoinDCX founders to cheat the public.<\/p>
\u00a0<\/p>
(With inputs from PTI)<\/em><\/p> <\/div> CoinDCX,bail,Thane court,Sumit Gupta,Neeraj Khandelwal,cheating case,\u20b971.60 lakh fraud,cryptocurrency scam,Indian crypto news,financial fraud India,imposters,legal news India#case #Court #grants #bail #CoinDCX #cofounders #alleged #fraud #case1774371732<\/p> ","protected":false},"excerpt":{"rendered":" A court in Thane district on Tuesday granted bail to CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal in an alleged cheating case involving \u20b971.60 lakh. Magistrate Nilesh Rathod ordered their release on a surety of \u20b950,000 each and directed them to cooperate with the ongoing investigation. The founders were arrested from Bengaluru on March 21 […]<\/p>\n","protected":false},"author":1,"featured_media":5165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[4761,19121,2495,19125,5822,19120,930,19127,19129,4773,13597,19130,19128,19131,19124,19123,19122,19126],"class_list":["post-5164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-content-marketing","tag-alleged","tag-bail","tag-case","tag-cheating-case","tag-cofounders","tag-coindcx","tag-court","tag-cryptocurrency-scam","tag-financial-fraud-india","tag-fraud","tag-grants","tag-imposters","tag-indian-crypto-news","tag-legal-news-india","tag-neeraj-khandelwal","tag-sumit-gupta","tag-thane-court","tag-71-60-lakh-fraud"],"acf":[],"_links":{"self":[{"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/posts\/5164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5164"}],"version-history":[{"count":0,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/posts\/5164\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/media\/5165"}],"wp:attachment":[{"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5164"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}