Thane: Two days after the co-founders of CoinDCX, Sumit Gupta and Neeraj Khandelwal, were arrested by Mumbra police from Bengaluru for allegedly duping an insurance adviser of Rs 71.6 lakh over seven months, the complainant filed an affidavit before a Thane court on Monday, saying he has recovered his money from one of the six accused named in the FIR and no longer has any grievance.Following the complainant’s affidavit, Gupta and Khandelwal moved a bail application before the court. After hearing arguments from both sides, the magistrate reserved the order for Tuesday. Gupta and Khandelwal were sent to judicial custody after their police remand ended on Monday. The filing of the affidavit raised questions over police’s probe. The FIR filed by Mumbra police invokes charges of cheating, criminal breach of trust and fraud against six persons. Four of them are absconding. The 41-year-old complainant alleged that he was cheated after being lured with promises of high returns and a purported cryptocurrency franchise linked to CoinDCX. Police said he first came in contact with one of the accused in mid-2025 and was offered a franchise for Maharashtra with assurances of 10-12% monthly returns. He allegedly made multiple payments, both through online transactions and in cash, based on these claims. However, the promised returns and franchise did not materialise, following which he approached umbra police earlier this month and the FIR was lodged. CoinDCX declined to comment on the complainant’s affidavit, saying it will respond after reviewing the court order. The company had earlier called the FIR “baseless” and said its founders have been targeted as part of a larger impersonation scam involving the misuse of its brand name. It said it is fully cooperating with the police investigation.
