CoinDCX Co-Founders Arrested Amid Phishing Fraud Investigation

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CoinDCX Co-Founders Arrested Amid Phishing Fraud Investigation

First seen 24 Mar 2026, 10:45 UTC • •54.6

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ThreatCluster •March 25, 2026 at 10:15 UTC

•CoinDCX co-founders arrested amid allegations of involvement in a phishing fraud scheme.
•Over 1,212 phishing websites impersonating CoinDCX were identified between April 2024 and January 2026.
•76% of financial losses in India in 2025 were linked to investment fraud schemes.

CoinDCX, a major Indian cryptocurrency exchange, is under investigation following allegations linking its co-founders, Sumit Gupta and Neeraj Khandelwal, to an investment fraud scheme. The investigation was initiated after an investor reported a loss of approximately 7.1 million rupees ($75,000) due to a phishing attack involving a fake website impersonating CoinDCX. The police in Thane detained the co-founders in Bengaluru, and they have been remanded into custody. CoinDCX claims the allegations are false and part of a conspiracy, asserting that fraudsters used brand impersonation to collect funds from users. The company has identified over 1,212 phishing websites mimicking its domain from April 2024 to January 2026. The broader context includes a significant rise in financial crimes in India, with 76% of financial losses in 2025 attributed to investment fraud schemes. CoinDCX is enhancing user awareness and brand protection measures in response to these threats.

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Updated 170d ago How this analysis works

Timeline

2025-01-01

76% of financial losses in India linked to investment fraud schemes reported.

2026-03-22

CoinDCX co-founders detained in Bengaluru amid fraud investigation.

2026-03-24

CoinDCX executives remanded into police custody.

More articles in this cluster (2)

Threat Graph

3 entities, 2 inferred relationships (STIX 2.1).

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Technique (2)

Phishing
T1566.002 - Spearphishing Link

Organization (1)

CoinDCX

Relationships

Phishing related to CoinDCX
Phishing related to T1566.002 - Spearphishing Link

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