CoinDCX Co-Founders Granted Bail in Alleged Cheating Case

A court in Thane has granted bail to CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal, who were arrested for alleged cheating. They were released due to a lack of evidence as they were mistaken victims of identity theft. The investigation against four other suspects continues.

In a significant development, a court in Thane district has granted bail to the co-founders of the cryptocurrency platform CoinDCX, Sumit Gupta and Neeraj Khandelwal, who were involved in an alleged Rs 71.60 lakh cheating case. The court cited insufficient evidence against them.

The magistrate, Nilesh Rathod, ordered their release on a surety of Rs 50,000 each, emphasizing the principle that bail is a rule while jail is an exception. The defense successfully argued that the co-founders were mistakenly accused and that the real perpetrators had impersonated them.

The matter originated from an FIR filed last March, where an insurance advisor claimed he was defrauded by individuals claiming high returns through a cryptocurrency investment. Although ongoing, the investigation aims to bring four others linked to the case to justice.

(With inputs from agencies.)