{"id":222857,"date":"2024-01-03T14:55:28","date_gmt":"2024-01-03T09:25:28","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=222857"},"modified":"2024-01-03T14:55:28","modified_gmt":"2024-01-03T09:25:28","slug":"crypto-exchange-coindcx-faces-fraud-allegations-amid-investors-distress-in-india-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/crypto-exchange-coindcx-faces-fraud-allegations-amid-investors-distress-in-india-crypto-news\/","title":{"rendered":"Crypto Exchange CoinDCX Faces Fraud Allegations Amid Investors’ Distress In India – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

In a concerning development in India\u2019s crypto landscape, crypto investment giant CoinDCX is under scrutiny as the Delhi Police initiated an investigation into alleged bank fraud on its mobile application. Meanwhile, a recent report showed that multiple complainants have reported irregularities, claiming they were coerced into paying additional funds during the withdrawal of their crypto investments<\/a>.<\/p>\n

Notably, the unfolding scandal sheds light on potential misconduct within one of India\u2019s prominent crypto platforms.<\/p>\n

<\/p>\n

Indian Crypto Exchange CoinDCX Under Legal Scrutiny<\/h2>\n

According to a recent report by Indian Express, several complaints have been lodged against the crypto exchange<\/a>. Meanwhile, the report showed that the complaints, including a 36-year-old businessman and a 24-year-old engineer, detailed their ordeals with CoinDCX.<\/p>\n

Meanwhile, the businessman, who invested Rs 1.40 lakh, resisted a demand for an extra Rs 40,000 under the pretext of tax submission. Similarly, the engineer, with a substantial investment of Rs 14 lakh, faced a demand for an additional Rs 4.65 lakh for supposed tax purposes, which he decried as internet banking fraud.<\/p>\n

According to the report<\/a>, the businessman said that while attempting to withdraw gains, it led to an unexpected tax demand of Rs 40,000, creating a distressing situation for the investor. Notably, these complaints reveal the unsettling experiences of investors grappling with unexpected financial demands during withdrawal.<\/p>\n

<\/p>\n

Also Read: Solana Co-Founder Applauds Solscan Development Amid Etherscan Acquisition News<\/a><\/strong><\/p>\n

Regulatory Discrepancies and Police Action<\/h2>\n

<\/p>\n

Government rules mandate capital gains tax on cryptocurrency withdrawals, typically ranging from 20-30%<\/a>. However, the allegations against CoinDCX involve demands beyond the stipulated tax, raising questions about the platform\u2019s conduct. Notably, the Delhi Police, following an inquiry, has registered a case under cheating charges, indicating a \u2018cognizable\u2019 offense.<\/p>\n

Meanwhile, senior officers have authorized the registration of the case in the FIR, initiating legal proceedings under sections related to cheating. Now, the report showed that the police are actively looking into the matter, aiming to ascertain the authenticity of the complaints and determine whether fraudulent activities have taken place.<\/p>\n

CoinDCX, a major player in India\u2019s cryptocurrency<\/a> landscape, finds itself embroiled in a controversy that could potentially reshape the sector\u2019s regulatory landscape. As the Delhi Police delve into the allegations, investors await clarity on the fate of their funds, highlighting the need for transparency and adherence to regulations in the burgeoning cryptocurrency space.<\/p>\n

Also Read: Binance Announces New Solana (SOL), BNB, NFP, SEI & Other Crypto Margin Pairs<\/a><\/strong><\/p>\n

<\/p>\n

\n
\n

\u2713 Share:<\/p>\n

<\/a><\/p>\n

\n
\n \"coingape\"
\n<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

<!– <\/p>\n

\n
\n
\n
\n

<\/p>\n

\"\"\"\"<\/div>\n
Top Crypto Marketing Firms \/ Agencies 2023; Here\u2019s Best Picks [Updated]\n <\/div>\n

<\/a><\/p><\/div>\n<\/p><\/div>\n

\n
\n

<\/p>\n

\"\"\"\"<\/div>\n
Top 10 Web3 Games To Explore In 2023; Here List\n <\/div>\n

<\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

–><\/p>\n

\n
\n
\n
\n
\n<!–<\/p>\n
<\/div>\n

–><\/p>\n

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor and crypto journalist at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience. <\/p>\n<\/p><\/div>\n

\n \"\"\"\" <\/div>\n<\/p><\/div>\n<\/p><\/div>\n
\n

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

<!– <\/p>\n

\n
\n Crypto Stories<\/span><\/p>\n

View all<\/a>\n <\/div>\n

\n
\n
\n
\n <\/p>\n
\"Sei\"\"Sei\"<\/div>\n
SEI Token Skyrockets 80% in 2024: What\u2019s Fueling The Surge? <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n
\n
\n <\/p>\n
\"Jim\"Jim<\/div>\n
Jim Cramer Validates Bitcoin, Calls It A Legitimate Technological Marvel <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n
\n
\n <\/p>\n
\"Aptos\"\"Aptos\"<\/div>\n
January\u2019s Token Unlocks: Aptos Leads with $234 Million <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

–><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

In a concerning development in India\u2019s crypto landscape, crypto investment giant CoinDCX is under scrutiny as the Delhi Police initiated an investigation into alleged bank fraud on its mobile application. Meanwhile, a recent report showed that multiple complainants have reported irregularities, claiming they were coerced into paying additional funds during the withdrawal of their crypto […]<\/p>\n","protected":false},"author":2,"featured_media":222858,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-222857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/222857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=222857"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/222857\/revisions"}],"predecessor-version":[{"id":222860,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/222857\/revisions\/222860"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/222858"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=222857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=222857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=222857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}