CBI nabs key accused in GainBitcoin cryptocurrency scam worth crores

NEW DELHI: The Central Bureau of Investigation (CBI) has arrested Ayush Varshney, co-founder and Chief Technology Officer of Darwin Labs Private Limited, in connection with the multi-thousand crore GainBitcoin cryptocurrency fraud case.

The case pertains to an alleged Ponzi scheme floated by Variabletech Pte. Ltd., in which investors were lured with promises of exceptionally high returns from cryptocurrency investments. The funds collected from investors were allegedly misappropriated.

The investigation is being conducted under Sections 120B, 406 and 420 of the Indian Penal Code (IPC) and Section 66 of the Information Technology Act, 2000.

The CBI took up the case following a Supreme Court order dated December 13, 2023, which directed it to act as the common investigating agency for FIRs relating to similar GainBitcoin allegations. During the course of the probe, the role of Darwin Labs and its co-founders, including Varshney, Sahil Baghla, and Nikunj Jain, came to the fore.