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3 min readNew DelhiMar 11, 2026 03:02 PM IST
The CBI found the involvement of Darwin Labs Private Limited and its co-founders Ayush Varshney, Sahil Baghla, and Nikunj Jain (currently Chief Capital Officer and Founder at Vaomi AI) in developing the technological backbone of the scheme.
The Central Bureau of Investigation (CBI) arrested Ayush Varshney, co-founder and Chief Technology Officer (CTO) of Darwin Labs Private Limited, on Tuesday in connection with the high-profile GainBitcoin cryptocurrency fraud case.
According to officials, Varshney had been absconding for several months, prompting the issuance of a Look Out Circular (LOC) against him. On March 9, 2026, immigration authorities at Mumbai airport intercepted him while he was attempting to leave the country. He was subsequently handed over to the CBI and formally arrested on March 10.
According to the CBI, the case involves an alleged Ponzi scheme operated by Variabletech Pte. Ltd., which lured investors with promises of high returns through cryptocurrency investments. “The funds collected from investors were subsequently misappropriated, leading to massive financial losses for thousands of victims across India,” a CBI spokesperson said in a statement.
The agency is probing the matter under sections 120B (criminal conspiracy), 406 (criminal breach of trust), and 420 (cheating) of the Indian Penal Code, along with Section 66 of the Information Technology Act, 2000.
The alleged Ponzi scheme launched by the late Amit Bhardwaj and Ajay Bhardwaj in 2015 promised investors 10 per cent monthly returns on Bitcoin investments for 18 months. Initial payouts were made in Bitcoin, but as the scheme collapsed in 2017, payouts were switched to an in-house cryptocurrency, MCAP, which had significantly lower value.
The investors then started approaching the police, after which FIRs were registered across the country, alleging large-scale fraud and money laundering.
“The ongoing investigation follows a Supreme Court order dated December 13, 2023, directing the CBI to act as the common investigating agency to probe multiple FIRs registered across states linked to the GainBitcoin fraud,” the spokesperson said.
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During its investigation, the CBI found the involvement of Darwin Labs Private Limited and its co-founders Ayush Varshney, Sahil Baghla, and Nikunj Jain (currently Chief Capital Officer and Founder at Vaomi AI) in developing the technological backbone of the scheme.
“Darwin Labs reportedly built and maintained key components of the operation, including the crypto token MCAP and its ERC-20 smart contract, the bitcoin mining platform GBMiners.com, a bitcoin payment gateway, the Coin Bank wallet, and the GainBitcoin investor website,” the spokesperson said.
“These digital infrastructure elements enabled the fraudulent enterprise to attract, process, and divert investor funds under the guise of legitimate cryptocurrency trading and mining activities,” the spokesperson alleged.
Further investigation into the alleged roles of other co-founders and entities linked to the GainBitcoin network is underway, the CBI said.
Mahender Singh Manral is an Assistant Editor with the national bureau of The Indian Express. He is known for his impactful and breaking stories. He covers the Ministry of Home Affairs, Investigative Agencies, National Investigative Agency, Central Bureau of Investigation, Law Enforcement Agencies, Paramilitary Forces, and internal security. Prior to this, Manral had extensively reported on city-based crime stories along with that he also covered the anti-corruption branch of the Delhi government for a decade. He is known for his knack for News and a detailed understanding of stories. He also worked with Mail Today as a senior correspondent for eleven months. He has also worked with The Pioneer for two years where he was exclusively covering crime beat. During his initial days of the career he also worked with The Statesman newspaper in the national capital, where he was entrusted with beats like crime, education, and the Delhi Jal Board. A graduate in Mass Communication, Manral is always in search of stories that impact lives. ... Read More
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