Thane court grants bail to CoinDCX co‑founders, finds no direct link to ₹71L fraud tied to fake trading platform

A magistrate in Thane has exonerated the co‑founders of Indian crypto exchange CoinDCX in an investigation into a ₹71 lakh cryptocurrency fraud, finding no prima facie link between the executives and the alleged cheating complaint ^{[1] [2]}.

The court determined the scheme used a counterfeit trading platform and third‑party impersonation to deceive victims; reporting states investigators identified the fake platform as the mechanism for the ₹71 lakh fraud rather than actions by CoinDCX leadership ^{[2] [3]}.

The co‑founders were granted bail after the magistrate concluded there was insufficient evidence tying them to the scam, a development noted in multiple reports on the case ^{[4] [1]}.

The court’s ruling underscores concerns about phishing and impersonation risks in the Indian crypto sector, while the judicial review found no direct connection between the exchange’s founders and the ₹71 lakh fraud ^{[2] [3]}.