Crypto Exchange CoinDCX Dispels Fraud Reports With Clarification

• A fake app posing as CoinDCX was instead linked to by the exchange.
• Police in Delhi are reportedly looking into allegations of mobile app-based bank fraud.

A worrying turn of events in India’s cryptocurrency scene has unfolded as crypto investment behemoth CoinDCX denies rumors that the exchange is the subject of investigation by the Delhi Police.

Police in Delhi are reportedly looking into allegations of mobile app-based bank fraud. A number of complainants have noticed abnormalities, according to the latest report, and they allege that they were forced to pay extra money when they withdrew their cryptocurrency assets.

The cryptocurrency exchange has reportedly been the subject of many complaints, as reported by Indian Express recently. The story also revealed that the complainants—a businessman of 36 years old and an engineer of 24 years old—described their experiences with CoinDCX.

Under the guise of taxes, the businessman, who deposited INR 1.40 lakh, refused to give in to a demand for an additional INR 40,000 while withdrawing. Also, the engineer, who had already put in a sizable sum of INR 14 lakh, was hit with a demand for an extra INR 4.65 lakh while withdrawing, which he characterized as internet banking fraud, purportedly for tax reasons. Investors’ distressing encounters with unforeseen money demands upon withdrawal are highlighted by these concerns.

Imposter Posing as CoinDCX

However, CoinDCX has issued a statement denying any claims of wrongdoing and making it clear that the alleged instances did not take place on their official platform. A fake app/website posing as CoinDCX was instead linked to by the exchange, sending customers astray.

At the same time, the exchange addressed the accusations, stressing that its real platform is still safe and reliable. An imposter cryptocurrency app/website that used the exchange’s name to its advantage was the target of the complaints, according to CoinDCX.

Along with that, the exchange made it clear that customers can rest easy knowing that their money and transactions on the official CoinDCX platform are secure.

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