CoinDCX Co-Founders Granted Bail Amidst Cheating Allegations

A court in Thane granted bail to CoinDCX co-founders, Sumit Gupta and Neeraj Khandelwal, amid allegations of a Rs 71.60 lakh cheating case. Their defense argued mistaken identity, noting the complainant affirmed he had received the disputed sum from another individual. The investigation remains ongoing.

In a dramatic court decision on Tuesday, Thane district's judiciary granted bail to Sumit Gupta and Neeraj Khandelwal, co-founders of the cryptocurrency exchange CoinDCX. The pair faced charges linked to an alleged Rs 71.60 lakh fraud; however, the court found no substantial evidence against them.

The defense argued that the co-founders were victims of mistaken identity and that the defrauded complainant had already received restitution from another party involved. CoinDCX maintains that the entire situation is a conspiracy by impersonators leveraging their names to deceive others.

The court has ordered their release, emphasizing that bail should be the norm, not incarceration. Although Gupta and Khandelwal are free, investigations are ongoing to apprehend the other accused involved in this intricate case.

(With inputs from agencies.)