A Bengaluru sessions court on March 24 granted interim transit anticipatory bail to CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal, and four others, in a cheating and impersonation case registered in Maharashtra [Sumit Gupta Vs Belandur PS]..The LXVII Additional City Civil and Sessions Judge granted interim protection to enable the accused to approach jurisdictional courts in Maharashtra for regular anticipatory bail or other relief..The case arose from first information reports (FIRs) registered at Nalasopara and Mumbra police stations invoking provisions of the Bharatiya Nyaya Sanhita relating to cheating, impersonation and related offences..As per the FIR, the accused committed fraud of ₹71.6 lakh involving cryptocurrency investments and franchise offers linked to CoinDCX. The complainant, an insurance advisor, claimed he was induced to invest between August 2025 and February 2026 on assurances of high returns and business opportunities.Police alleged that the accused collected money through cash and bank transfers but failed to deliver the promised returns or franchise arrangements.CoinDCX has denied the allegations, stating that the FIR is based on impersonation by fraudsters posing as its founders. The company said it had identified multiple fake websites and warned users about such scams, while stating that it is cooperating with law enforcement authorities..The Court recorded that the complaint did not attribute any overt acts to the petitioners. It noted that the complainant was allegedly misled by one Akash Rana, who claimed to have introduced him to the accused persons.The petitioners contended that someone had impersonated them and defrauded the complainant and they had not received any money from the complainant. They further argued that a fake website had been used to carry out the alleged fraud.They also relied on an injunction order passed by the Delhi High Court to support their case of impersonation..Taking note of the submissions and the fact that the prosecution required time to obtain instructions from Maharashtra police authorities, the Court held that interim protection was necessary.It observed that if the petitioners are arrested before objections could be filed, the purpose of seeking transit anticipatory bail would be defeated.Accordingly, the court granted ad-interim transit anticipatory bail till April 6,..The relief was made subject to conditions, including deposit of ₹50,000 as cash security and cooperation with the investigation.The Court issued notice to the concerned police authorities and posted the matter for objections on April 6. The interim protection will remain in force until the next date of hearing.
