An Indian court has acquitted the fraud charges against the founder of CoinDCX and granted him bail.

PANews reported on March 25 that, according to Cointelegraph, the Thane District Court in India has granted bail to CoinDCX co-founders Sumit Surendra Gupta and Niraj Ashok Khandelwal, ruling that the 710,000 rupee (approximately $75,000) fraud charges against them were unfounded. The case involved a fake trading platform impersonating CoinDCX. The court noted that investigating officials had no objection to the release of the two, and that the applicants were not present at the scene of the crime; rather, someone else impersonated them to commit the fraud, a fact the complainant admitted in court.

CoinDCX stated on its X platform that the court ruling confirmed the third-party impersonation fraud, which occurred on the fake website coindcx.pro and was unrelated to the company. The court also noted that the complainant had submitted an affidavit stating that another defendant had repaid the defrauded funds and that the applicant was not the person they met at the coffee shop. Each founder was released on bail of 50,000 rupees and is required to cooperate with the investigation.