Bengaluru: On March 24, a Bengaluru sessions court granted interim transit anticipatory bail to CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal, along with four others, in a cheating and impersonation case registered in Maharashtra under FIRs at Nalasopara and Mumbra police stations. The LXVII Additional City Civil and Sessions Judge provided interim protection to allow the accused to approach the jurisdictional courts in Maharashtra for regular anticipatory bail or other relief.
₹71.6 Lakh Fraud Allegations and Investment Claims
According to the FIRs, the case involves an alleged fraud of ₹71.6 lakh linked to cryptocurrency investments and CoinDCX franchise offers. The complainant, an insurance advisor, claimed that between August 2025 and February 2026, he was persuaded to invest with promises of high returns and business opportunities. The complaint alleged that the accused collected money via cash and bank transfers but failed to deliver the promised returns or franchise arrangements.
CoinDCX denied the allegations, stating that fraudsters had impersonated its founders. The company noted that multiple fake websites had been identified, users were warned of potential scams, and full cooperation was being extended to law enforcement authorities.
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Court Notes Lack of Direct Allegations Against Founders
During the hearing, the court noted that no direct acts were attributed to the petitioners. It recorded that the complainant was allegedly misled by Akash Rana, who claimed to have introduced him to the accused. The petitioners maintained that they had been impersonated, had not received any money from the complainant, and that a fake website was used to carry out the alleged fraud. They also relied on an injunction order passed by the Delhi High Court supporting their claim of impersonation.
Considering the submissions and the need for the prosecution to obtain instructions from Maharashtra police authorities, the court held that interim protection was necessary. The court observed that arresting the petitioners before objections could be filed would defeat the purpose of seeking transit anticipatory bail.
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Accordingly, the court granted ad-interim transit anticipatory bail until April 6, 2026, subject to conditions including a cash deposit of ₹50,000 and cooperation with the investigation. Notices were issued to the concerned police authorities, and the matter was posted for objections at the next hearing.
Senior Advocate KG Raghavan represented the two directors, while Advocate Chintan Chinnappa of Spectrum Legal appeared for a director and employees.
The interim bail provides temporary protection to the CoinDCX founders and employees while they seek regular anticipatory bail in Maharashtra, ensuring that the legal process progresses without immediate custodial interference.
