Multi-thousand crore GainBitcoin scam case: CBI arrests Darwin Labs co-founder Ayush Varshney

By Admin

12 Mar, 2026

The massive GainBitcoin cryptocurrency scam, one of India’s biggest alleged crypto fraud cases involving thousands of crores of rupees, has taken a significant turn with the arrest of Ayush Varshney by the Central Bureau of Investigation (CBI). The arrest marks a major development in the ongoing investigation into a scheme that allegedly duped thousands of investors across the country.

1. CBI Investigation Ordered by Supreme Court

The investigation is being carried out by the CBI following an order issued by the Supreme Court of India on December 13, 2023. The directive transferred the probe of multiple First Information Reports (FIRs) registered in different parts of India to the central agency.

These FIRs were linked to similar allegations surrounding the GainBitcoin investment scheme, which had reportedly attracted a large number of investors with promises of unusually high returns.

2. Alleged Cryptocurrency Ponzi Scheme

The GainBitcoin scheme was allegedly floated by Variabletech Pte. Limited, which promoted investments in cryptocurrency by promising investors 10% monthly returns for 18 months on their Bitcoin investments.

According to investigators, the scheme operated like a Ponzi model, where funds collected from new investors were used to pay earlier participants. Authorities allege that the funds collected through the scheme were later misappropriated, leaving many investors with heavy financial losses.

3. Role of Darwin Labs and Its Founders

During the investigation, the CBI identified Darwin Labs Private Limited as a key entity involved in the technical development of the scheme’s infrastructure.

The agency has named the company’s co-founders   Ayush Varshney, Sahil Baghla, and Nikunj Jain   for their alleged role in designing and deploying the cryptocurrency token MCAP along with the ERC-20 smart contract associated with it.

Investigators claim that Darwin Labs played a crucial role in building the entire technological framework used in the fraudulent scheme. This infrastructure allegedly included:

• The GBMiners.com Bitcoin mining pool platform
  
  

• A Bitcoin payment gateway
  
  

• The Coin Bank Bitcoin wallet
  
  

• The GainBitcoin investor-facing website
  
  

Authorities believe these platforms enabled the operation and expansion of the investment scheme.

4. Arrest of Ayush Varshney

According to officials, Ayush Varshney had been absconding, prompting authorities to issue a Look Out Circular (LOC) against him.

On March 9, immigration authorities at Chhatrapati Shivaji Maharaj International Airport intercepted Varshney while he was allegedly attempting to leave India. He was subsequently handed over to the CBI and formally arrested the following day.

5. Origins of the GainBitcoin Platform

Enforcement agencies have traced the origins of the platform to Amit Bhardwaj, a computer science engineering graduate from Maharashtra who allegedly launched the online platform in 2015 with several associates.

Initially, the platform reportedly paid investors the promised monthly returns, helping it gain credibility and attract more participants. However, over time, the payments were gradually delayed.

To sustain the scheme, the operators later introduced their own cryptocurrency token MCAP, presenting it as a powerful digital asset. Investigators allege that the token was promoted as a replacement for the promised Bitcoin payouts.

6. One of India’s Largest Crypto Fraud Cases

The GainBitcoin scam is widely regarded as one of India’s largest cryptocurrency fraud cases, affecting investors across multiple states. The CBI’s investigation aims to uncover the full extent of the financial network, identify additional accused individuals, and trace the misappropriated funds.

Authorities continue to examine the technological infrastructure, financial transactions, and international links connected to the scheme as the probe progresses.