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A Thane judge granted bail to CoinDCX co-founders Sumit Surendra Gupta and Niraj Ashok Khandelwal, finding no case against them.A magistrate court in Thane, India, has granted bail to CoinDCX co-founders Sumit Surendra Gupta and Niraj Ashok Khandelwal, ruling that no prima facie case was made out against them in a 71 lakh Indian rupees cheating complaint linked to a fake trading platform posing as the Indian crypto exchange.
on March 23 on their bail applications concluded that they were entitled to bail because no case was made out against them, even on an initial look at the available evidence. TheIn the order, the magistrate recorded that the investigation officer had “no objection” to their release and that the applicants were not present in Mumbra when the alleged offence took place, adding that “some other person by representing as accused cheated the informant,” a fact the informant has admitted in court. on X, CoinDCX said the court proceedings supported a “third-party impersonation” scenario and that the fraud occurred on a lookalike site, coindcx.pro, which it said had no connection to the company. The judge noted that the informant filed an affidavit stating that another accused, Rana, had repaid him the cheated amount and that the applicants are not the persons he met at a café in Kausa Mumbra where the fraudulent deal was struck. With the matter “amicably settled” between the informant and the main accused, the court said there was no question of the founders tampering with evidence or witnesses. Each was ordered released on bail upon executing a 50,000 Indian rupee bond on condition that they cooperate with the investigation and trial.scams targeting well-known brands in India’s financial and crypto sectors, urging users to verify domains and only interact with the exchange’s official platform and social media profiles.Established in 2018 and headquartered in Mumbai, CoinDCX ranks among India’s most prominent cryptocurrency exchanges. The company reached an estimated valuation of around $2.45 billion following aBitcoin may take 7 years to upgrade to post-quantum — BIP-360 co-author Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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