You Won’t Believe What Happened to These Crypto Founders: Bail Granted!

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Key Highlights

  • So, a Thane court decided to let CoinDCX co-founders go in this alleged Rs 71.6 lakh fraud case. Surprise, surprise!
  • The court had the audacity to say no prima facie case was made against these guys. Really? No prima facie? What are they, saints?
  • Meanwhile, the police are still on the hunt for the real criminals. Because that’s how it works, right?

In a shocking twist of fate, a court in Thane granted bail to Sumit Gupta and Neeraj Khandelwal, the coin guys, saying-wait for it-no prima facie case had been made against them. I mean, come on! Are we really buying this?

According to reports-because who doesn’t love a good report?-the two were set free after the magistrate, Nilesh Rathod, let their bail plea slide like it was a piece of cake, asking for sureties of just Rs 50,000 each. Oh, what a deal! Released after their dramatic arrest in Bengaluru. You can practically hear the violins.

Court’s Shocking Revelation: No Case!

The court had the nerve to reference the idea that bail is the norm while jail is the exception. Oh, how original! And let’s not forget about Article 21, which they’re throwing around like confetti. Apparently, no prima facie case was visible to the naked eye at this stage. How convenient!

Complainant’s Change of Heart

Then comes the plot twist-a complainant filed an affidavit saying he got the money from one of those other six accused. He even claimed he didn’t know Gupta or Khandelwal! Wow! Talk about a change of heart. You’d think they were complete strangers!

This whole thing started after they were first thrown into police custody and then judicial custody. You can almost hear the judge saying, “Oops, my bad!” as their bail application was rushed through. Timing is everything!

Defense: ‘Not Us, We’re Innocent’

The defense team argued their clients had nothing to do with this alleged fraud. They even suggested that impersonators had taken on the personas of the founders. Impersonators, folks! Like they’re in some sort of heist movie!

Apparently, Gupta and Khandelwal were off doing their own thing when the complainant was supposedly meeting these fraudsters. Classic case of mistaken identity, right?

Fraud Claims from March Madness

The saga began with an FIR registered on March 16 against the duo and a few others. Charges included cheating, criminal breach of trust, and an array of other fun stuff.

The complainant-a 42-year-old insurance advisor from Mumbra-claims he was duped between August 2025 and March 2026. He was promised high returns through an investment scam related to crypto. Of course, he transferred Rs 71,60,015 like it was nothing. Spoiler alert: he didn’t get his money back!

Despite the affidavit, the police are still working hard to catch the remaining four accused. Because why not keep the drama going, right? The case isn’t over just because the court let the founders skip town.

CoinDCX’s Defense: It’s Not Us!

CoinDCX came out swinging, claiming their founders were victims of impersonation. Such a cliché! They called the FIR false and framed it as a grand conspiracy. Who knew crypto could be so riveting?

In a statement, they insisted that the supposed transfers went to third-party accounts-totally unrelated to their exchange. Because, of course, that makes perfect sense!

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2026-03-24 19:17