Mumbai, March 23: In a dramatic turn in the CoinDCX fraud case, the complainant has filed an affidavit in a Thane court stating that he has recovered his investment from one of the six accused named in the First Information Report (FIR) and now holds “no grievance” against the cryptocurrency exchange’s co-founders, Sumit Gupta and Neeraj Khandelwal.
Following the affidavit, Gupta and Khandelwal moved a fresh bail application before the Thane Sessions Court on Monday. After hearing arguments from both sides, the court reserved the order for Tuesday. The duo is currently in seven days of judicial custody after their arrest by the Thane Police over the weekend in connection with an alleged Rs 71.6 lakh investment scam. They were initially remanded to police custody till March 23 but were later sent to judicial custody when produced before the court on Monday.
CoinDCX has declined to comment on the complainant’s affidavit or the terms of the alleged settlement, stating it would only respond after a formal review of the court order.
The case, registered at the Mumbra Police Station on March 16, invokes charges of cheating, criminal breach of trust, and fraud. The 41-year-old complainant originally alleged that he was duped over a seven-month period after being lured with promises of a high-yield cryptocurrency franchise and monthly returns of 10–12%.
According to the FIR, the victim first came into contact with an accused named Akash Rana in July 2025 at a café in Mumbra, where he was introduced to a firm identified as “Neblio Technologies Pvt Ltd (CoinDCX)” and offered a franchise for Maharashtra for Rs 28 lakh.
The complainant alleged that he was later introduced to Gupta and Khandelwal, who were presented as directors handling the company’s operations. He claimed that the duo reinforced the investment assurances and showcased company-related materials to establish credibility, leading him to transfer Rs 2.1 lakh online and allegedly hand over Rs 20 lakh in cash during a meeting in Mumbra.
Later, the complainant alleged he was introduced to Gupta and Khandelwal, who were presented as directors managing the company’s financial and operational affairs. They reportedly reinforced assurances of returns and showcased company materials to establish credibility.
Acting on these assurances, the complainant initially transferred Rs 2.1 lakh through online transactions in early August 2025. Later that month, he alleged that he handed over Rs 20 lakh in cash at a meeting in Mumbra after arranging funds by selling agricultural produce and pledging family assets.
The FIR also states that an investment seminar was organised in Bandra on August 22, 2025, where investors were encouraged to invest with assurances of high and consistent returns. The complainant subsequently invested an additional Rs 4.5 lakh through bank transfers and brought in two associates who together invested Rs 45 lakh in cash.
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However, the promised franchise and returns did not materialise, the complainant alleged. On February 20, 2026, he met Gupta and Khandelwal and raised concerns over the total investment but was allegedly given assurances that were not fulfilled.
It was only later, after claims of similar cases surfacing in Nalasopara, that the complainant approached the police, leading to the registration of the FIR.
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