According to the Indian Economic Times, Coinbase-backed Indian cryptocurrency exchange CoinDCX stated that its co-founders Sumit Gupta and Neeraj Khandelwal were arrested by police in connection with a fraud case involving counterfeit websites. The company said the related FIR (First Information Report) originated from an identity impersonation incident, in which fraud gangs created numerous fake websites impersonating CoinDCX to commit fraud. Approximately 1212 related fake websites have been discovered so far. CoinDCX stated that it is cooperating with the investigation and claimed that the two founders were not involved in the illegal activities.

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