Indian Court Acquits CoinDCX Founders and Grants Bail

Odaily News On March 23, the Thane District Court in India ruled that CoinDCX co-founders Sumit Gupta and Niraj Khandelwal did not constitute prima facie evidence of a crime in a fraud case involving 7.1 million rupees (approximately $75,000) and granted bail to both individuals. The court's investigation revealed that the fraudulent activity actually occurred on the counterfeit website coindcx.pro, which had no connection to the official CoinDCX platform. The main suspect, Rana, has already refunded the victims in full, and the victims also confirmed in court that the two founders were not the individuals they met at the cafe.

CoinDCX subsequently issued a statement, characterizing the incident as a case of "third-party impersonation," and reminded users to always verify the domain name and only interact through official channels to guard against the increasingly rampant counterfeit and phishing scams in India's cryptocurrency industry. (Cointelegraph)