CoinDCX cofounder Sumit Gupta is setting up a ₹100 crore, or about $12 million, cyber fund after a serious impersonation case hit 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 aimed at combating online fraud and brand imitation in India’s rapidly expanding digital banking industry. According to preliminary reports, the cyber fund intends to assist improved threat monitoring, takedown activities against phony 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 assist customers in confirming official links.
Rising Cyber Fraud Pressure on Indian Crypto Platforms
A 42‑year‑old insurance consultant started the Thane case when he alleged he lost over ₹71 lakh after scammers promised him monthly crypto returns of 10 to 12 percent through the fake site. Authorities opened an FIR naming the founders, but a court later granted them bail and saw no clear evidence tying them directly to the fraud itself.
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 danger rather than a singular incident by centering its reaction around a sizable cyber fund.
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