The Central Bureau of Investigation (CBI) has apprehended Ayush Varshney, the co-founder and Chief Technology Officer of Darwin Labs Private Limited, in relation to the GainBitcoin cryptocurrency scam involving thousands of crores. Allegedly, investors were enticed with high returns through a Ponzi scheme orchestrated by Variabletech Pte. Ltd., leading to the misappropriation of funds. The investigation, under various sections of the Indian Penal Code and the Information Technology Act, 2000, was initiated following a Supreme Court directive on December 13, 2023, assigning the CBI as the primary investigating agency for similar GainBitcoin cases.
Darwin Labs, along with its co-founders Varshney, Sahil Baghla, and Nikunj Jain, has been implicated in the design and implementation of the MCAP crypto token, ERC-20 smart contract, and the technological framework supporting the fraudulent activities, such as GBMiners.com, Coin Bank wallet, and the GainBitcoin portal. Varshney, who had been evading authorities, was detained at Mumbai’s immigration checkpoint on March 9, 2026, while attempting to flee the country, and subsequently handed over to the CBI for formal arrest the following day. The CBI has emphasized its dedication to a thorough and unbiased investigation into the GainBitcoin scam, vowing to ensure accountability for all those complicit.
The inquiry remains ongoing, with expectations of additional arrests and advancements as authorities delve deeper into the intricate network behind one of India’s most significant cryptocurrency frauds to date.
