CBI arrests key person in multi-thousand crore Cryptocurrency scam

In a major breakthrough in one of India’s biggest alleged cryptocurrency frauds, the Central Bureau of Investigation (CBI) has arrested the kingpin  linked to the multi-thousand crore GainBitcoin scam. According to CBI, Ayush Varshney, co-founder and Chief Technology Officer (CTO) of Darwin Labs Private Limited, was arrested for his alleged role in creating the technological backbone of the controversial crypto investment scheme that reportedly duped thousands of investors across the country. Investigators say the fraud was run through the GainBitcoin platform floated by Variabletech Pte. Ltd.
The CBI is conducting the investigation pursuant to the Supreme Court order dated December 13, 2023, involving the First Information Reports registered in various parts of the country related to similar allegations linked to the GainBitcoin scheme.During the course of investigation, the agency zeroed in on Darwin Labs Private Limited and its co-founders, including accused Ayush Varshney, Sahil Baghla, and Nikunj Jain (chief capital officer/founder in Vaomi AI), for their alleged role in the design, development and deployment of the crypto token known as MCAP and the corresponding ERC-20 smart contract.
“Darwin Labs Private Limited was instrumental in developing the entire technological infrastructure of the fraudulent scheme, including Bitcoin mining pool platform GBMiners.com, BitCoin Payment Gateway, Coin Bank BitCoin wallet and the Gain BitCoin investor facing website,” said the agency. As the accused was absconding, a Look Out Circular (LOC) was issued against him. On March 09. this year. He was intercepted by Immigration authorities at Mumbai while attempting to leave India and was subsequently handed over to the CBI. The accused was arrested by the CBI the next day.