CoinDCX bail: Thane court frees Sumit Gupta and Neeraj Khandelwal in Rs 71.60 lakh case

A Thane district court on Tuesday granted bail to CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal in an alleged Rs 71.60 lakh cheating case. The court said a prima facie case was not shown against them. Magistrate Nilesh Rathod ordered release after a surety of Rs 50,000 each. The case was registered at Mumbra police station.

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Gupta and Khandelwal were arrested from Bengaluru on Saturday, March 21. A local court first sent them to police custody until Monday. Later, the court sent them to judicial custody. This came after the complainant filed an affidavit in court. The affidavit said the disputed amount was received from one accused.

CoinDCX co-founders bail order and court observations

After the judicial custody order, Gupta and Khandelwal filed a bail application. The plea was heard on Tuesday. The magistrate granted relief after hearing both sides. The court also asked both accused to cooperate with the investigation. The court directed cooperation during the trial as well.

"Considering the object Article 21 of the Constitution of India related to protection of life and personal liberty and the law laid down by the Honble Apex Court that is bail is rule and exception is jail, I hold that applicants/accused are entitled for bail as prima facie no case was made out against them, the magistrate said.\"

CoinDCX cheating case details, FIR and complainant affidavit

The complainant told the court that the complainant does not know the two arrested co-founders. The affidavit also said the disputed amount was received from one of the six accused. The FIR was registered on March 16 at Mumbra police station. It named Gupta, Khandelwal and four others, officials said.

Police said the probe continued on Monday despite the affidavit. Police added that teams were trying to catch the other four accused. The case included allegations of cheating, criminal breach of trust and fraud. Officials said the arrests followed the FIR. The alleged cheating case was registered in Thane district.

CoinDCX investment fraud allegation and money trail

Police said the complainant was a 42-year-old insurance advisor from Mumbra. The complainant alleged a loss of Rs 71.6 lakh. Police said the amount was paid between August 2025 and March this year. The complainant claimed promises of high returns led to the investment. The firm was said to be linked to CoinDCX.

Police said the complainant transferred Rs 71,60,015 in cash and online payments. The payments were made at different times, police said. The complainant alleged the money was not returned. Police said the funds were instead misappropriated. The case is being investigated by Mumbra police station.

CoinDCX statement on impersonation claim

Advocates Abhijeet Sawant, Pranav Badheka, and Rajan Salunke represented Gupta and Khandelwal. The defence said the duo had no part in the alleged offence. The lawyers argued the complainant met other people. The defence said those people only claimed to be Gupta and Khandelwal. The defence also said identity misuse took place.

The company issued a statement on Monday disputing the FIR. \"The FIR filed against our co-founders is false, and filed as a conspiracy against CoinDCX by impersonators posing as Founders of CoinDCX and cheating the public at large. We have taken cognisance of the fact and published a notice to public at large on our website that CoinDCX is being targeted by fraudsters. The entire conspiracy falsely claims that funds were transferred in cash to third-party accounts which have no relation to CoinDCX, it added.\"

The court said bail was appropriate as no prima facie case appeared against Gupta and Khandelwal. Both were ordered to assist investigators and attend trial proceedings. Police said efforts continued to trace and arrest the remaining accused. The FIR and the complainant’s claims remain part of the ongoing investigation in Thane district.

With inputs from PTI