CoinDCX cofounder Sumit Gupta is setting up a ₹100 crore (about $12 million) cyber fund after a serious impersonation case damaged the exchange’s reputation. Police in Thane recently detained Gupta and fellow cofounder Neeraj Khandelwal over a complaint that linked them to a ₹71.6 lakh fraud, but the company says scammers misused their identities and brand through a fake website.
CoinDCX stated that the victim sent funds to a site using the URL “coindcx.pro,” which was not connected to the real platform. The founders have denied any role in the scheme and argue they were targets of “impersonators posing as founders of CoinDCX.”
Inside CoinDCX’s ₹100-Cr “Digital Suraksha” Push
Gupta has responded by announcing a ₹100 crore “Digital Suraksha”-style project to combat online fraud and brand imitation in India’s rapidly expanding digital banking industry.
According to preliminary reports, the cyber fund intends to support improved threat monitoring, takedown operations against fake websites, and collaborations with security companies and investigators.
As evidence of how widespread imitation has become, CoinDCX has already revealed that over 1,200 phony websites have copied its name or domain between April 2024 and early January 2026. The company claims that before sending any money, it wishes to promote public alerts and tools that help customers verify official links.
Rising Cyber Fraud Pressure on Indian Crypto Platforms
A 42‑year‑old insurance consultant filed the Thane case after alleging he lost over ₹71 lakh after scammers promised him monthly crypto returns of 10 to 12 percent through a fake site. Authorities filed an FIR naming the founders, but a court later granted them bail and found no clear evidence tying them directly to the fraud.
According to reports, investment scams now account for a significant portion of financial cybercrime losses in India, and phishing and impersonation schemes frequently target cryptocurrency brands. CoinDCX is attempting to demonstrate to users, law enforcement, and regulators that it is tackling digital fraud as a systemic threat rather than a singular incident by centering its response on a sizable cyber fund.
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