Indian Court Says CoinDCX Founders Were Impersonated in Third-Party Phishing Scam
An Indian district court granted bail to CoinDCX co-founders after finding no prima facie criminal evidence in a 7.1 million rupee case tied to a fake website impersonating the exchange.
Fact Check
The statement is accurately supported by reports from PANews and Cointelegraph. The Thane District Court in India explicitly found that CoinDCX founders Sumit Gupta and Niraj Ashok Khandelwal were impersonated by third parties using a fake website (coindcx.pro) to defraud a victim of 7.1 million rupees. The court granted them bail after the victim and investigators confirmed the founders were not the perpetrators.
Summary
An Indian district court on March 23 granted bail to CoinDCX co-founders Sumit Gupta and Niraj Khandelwal after ruling there was no prima facie criminal evidence against them in a 7.1 million rupee fraud case. The court found the fraud was linked to the fake website coindcx.pro rather than CoinDCX’s official platform. According to CoinDCX’s statement, the incident was a case of third-party impersonation, reinforcing that the allegations did not stem from the exchange’s own operations.
Terms & Concepts
- Phishing: A fraud method that uses fake websites or messages to trick users into revealing sensitive information or sending funds.
- Crypto exchange: A platform where users buy, sell, and store digital assets, often through web and mobile interfaces.
- Impersonation scam: A scheme in which attackers pose as real people or companies to gain trust and steal money or data.