The action follows an FIR registered on March 16 at the Mumbra police station in Thane against CoinDCX co-founders Sumit Gupta, Neeraj Khandelwal and others on charges of cheating, criminal breach of trust and fraud, they said.
A 42-year-old insurance advisor, the complainant in the case, alleged he was duped of Rs 71.6 lakh between August 2025 and March this year after being lured by promises of high returns by investing in a firm, purportedly associated with the cryptocurrency platform. He was also offered a franchise opportunity, according to the police.The complainant transferred Rs 71,60,015 through cash and online transactions at different times. However, the invested amount was not returned, and instead the funds were allegedly misappropriated, they said.A Mumbra police team apprehended the two accused from Bengaluru on Saturday. They were later brought to Thane and produced on Sunday before a local court, which remanded them to police custody till Monday, senior police inspector Anil Shinde said.
“A detailed probe is underway to determine if there are more victims linked to this investment scheme,” the official added.
