Indian police arrest GainBitcoin Ponzi scheme suspect at Mumbai airport

The Central Bureau of Investigation (CBI) of India announced the arrest of Ayush Varshney, co-founder and Chief Technology Officer of Darwin Labs, at Mumbai Airport, for allegedly being involved in the notorious GainBitcoin Ponzi scheme. It is reported that Varshney was attempting to leave India at the time.

Investigations reveal that the scheme was operated by Variabletech Pte. Ltd., attracting investors by promising high returns on cryptocurrency investments. Law enforcement agencies accuse Darwin Labs of developing and deploying key technological infrastructure for the scheme, including the MCAP cryptocurrency token and ERC-20 smart contracts. Additionally, Darwin provided technical support for the GBMiners.com Bitcoin mining platform, BitCoin Payment Gateway, CoinE Bank Bitcoin wallet, and the GainBitcoin investment website, which were allegedly used to lure and defraud investors. Media reports indicate that the scheme began in 2015 and operated across several states in India. It is estimated that the case involves approximately ₹1,900 million (around $2.1 million) in funds, as well as 29,000 bitcoins. At current prices, these bitcoins are valued at over $2 billion.