CoinDCX founder implicated in impersonation fraud case, Indian court rules not guilty and grants bail

According to Cointelegraph, the Thane District Court in India ruled on March 23 that there was no preliminary evidence of a crime involving CoinDCX co-founder Sumit Gupta and Niraj Khandelwal in a fraud case involving 7.1 million rupees (approximately $75,000), and granted bail to the two.

The court investigation revealed that the fraudulent activity actually occurred on the counterfeit website coindcx.pro, which has no connection to the official CoinDCX platform. The main suspect, Rana, has fully refunded the victims, who also confirmed in court that the two founders were not the parties they met at the café.

CoinDCX subsequently issued a statement characterizing the incident as "third-party impersonation" and reminded users to verify domain names and interact only through official channels to guard against the increasingly rampant impersonation and phishing scams in India's cryptocurrency industry.