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CoinDCX co-founders held in Thane over Rs 71 lakh fraud case
Firm calls FIR false, claims impersonation scam as probe unfolds
THANE: The Thane Police have arrested Sumit Gupta and Neeraj Khandelwal, co-founders of CoinDCX, on charges of criminal breach of trust linked to an alleged Rs 71.6 lakh fraud.
The duo were picked up from Bengaluru and produced before a holiday court in Thane, which remanded them to police custody until Monday.
At the centre of the case is a complaint by an insurance advisor from Mumbra, who claims he was drawn in by promises of high returns and regulatory backing tied to cryptocurrency investments and franchise opportunities. The alleged scheme ran between August 2025 and February 2026, with funds collected through both cash and bank transfers. The promised franchise never materialised, nor did the returns, and the accused allegedly became untraceable.
Police have registered an FIR against six individuals under provisions of the Bharatiya Nyaya Sanhita and launched a broader investigation.
CoinDCX, however, has pushed back sharply. In a statement posted on X, the company described the FIR as “false” and part of a wider impersonation scam, claiming fraudsters had been posing as its founders to dupe unsuspecting investors.
“The entire conspiracy falsely claims that funds were transferred in cash to third-party accounts which have no relation to CoinDCX,” the company said, distancing itself from the alleged transactions.
The firm added that brand impersonation scams are on the rise in India’s digital finance ecosystem. It noted that it had flagged over 1,200 fake websites mimicking its platform between April 2024 and January 2026.
For now, the case sits at a familiar crossroads in India’s crypto story, where ambition, opacity and opportunism often collide, leaving investigators to untangle what is real and what merely looks the part.
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Kotak buys Deutsche’s India retail business in Rs 45 billion deal
Preferred bidder moves ahead as German lender pares India exposure
MUMBAI: India’s banking chessboard is shifting fast. Kotak Mahindra Bank is set to snap up Deutsche Bank’s India retail business in a deal pegged at about Rs 45 billion ($480.3 million), according to a report by The Economic Times, citing people familiar with the matter.
Kotak, flagged as the preferred bidder over Federal Bank, could seal the transaction as early as next week, though the final price may still be tweaked at closing. Both Kotak Mahindra Bank and Deutsche Bank did not immediately respond to requests for comment.
The move underscores Deutsche Bank’s steady retreat from select global retail markets as it sharpens focus and cuts exposure. In India, the exit would cover a retail banking network spanning 17 branches, a modest but strategic footprint in a fiercely competitive market.
The deal fits a broader pattern. In 2022, Citi offloaded its India consumer business for more than $1 billion as it pulled back from global retail. Last year, Standard Chartered sold a $488 million personal loan portfolio in India to Kotak Mahindra Bank, reinforcing Kotak’s appetite for bolt on growth.
Numbers tell their own story. Deutsche Bank’s retail banking revenue in India stood at $278.3 million for the financial year ended March 31, 2025, respectable but not enough to justify long term capital in a market dominated by domestic heavyweights and nimble private lenders.
For Kotak, the acquisition is less about scale and more about sharpening its retail edge, customers, cards and cross sell opportunities bundled into one tidy purchase. For Deutsche, it is another clean cut in a global reshaping.
Deals like this rarely shout. They quietly redraw the map.
