New Delhi, March 24 (IANS) Troubles may not be over yet for crypto exchange CoinDCX, as sources indicate that more individuals could come under the scanner in the ongoing Rs 71 lakh fraud case.

According to sources familiar with the matter, the probe into the alleged cryptocurrency fraud linked to CoinDCX may widen in the coming days, with the possibility of more arrests.

Investigators are reportedly examining the role of multiple accused named in the FIR, four of whom are still absconding.

The case had earlier seen the arrest of CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal by Mumbra police from Bengaluru.

The arrests were made after a complaint alleged that an insurance adviser was duped of around Rs 71.6 lakh over a period of seven months through a crypto-related scheme.

However, the case took a dramatic turn after the complainant filed an affidavit before a Thane court stating that he had recovered his money from one of the six accused and no longer had any grievance, according to multiple media reports.

Following this, Gupta and Khandelwal moved a bail plea, and the court has reserved its order. The two founders were sent to judicial custody after their police remand ended.

According to police, the complainant was allegedly lured in mid-2025 with promises of high returns and a purported cryptocurrency franchise linked to CoinDCX.

He was reportedly assured monthly returns of 10–12 per cent and offered franchise rights for Maharashtra.

Based on these claims, he made multiple payments through both online transfers and cash.

However, neither the returns nor the franchise materialised, prompting him to approach the police earlier this month.

CoinDCX has consistently denied any involvement in the alleged fraud. The company has termed the FIR “false” and part of a larger conspiracy involving impersonators misusing its brand name.

It has maintained that the fraud did not occur on its official platform but through fake websites posing as CoinDCX and its founders.

However, last year the Enforcement Directorate (ED) has attached assets worth Rs 8.46 crore in a related nationwide cyber fraud probe.

–IANS

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