CBI Arrests Darwin Labs Co-Founder in Multi-Crore GainBitcoin Scam

TheNewsCryptoPublished on 2026-03-11Last updated on 2026-03-11

Abstract

India's Central Bureau of Investigation (CBI) has arrested Ayush Varshney, co-founder and CTO of Darwin Labs, in connection with the GainBitcoin cryptocurrency scam. The alleged fraud is estimated to be worth ₹20,000 crore and involves around 29,000 mined bitcoins. Varshney was intercepted at Mumbai airport while attempting to leave the country and arrested on March 10. Darwin Labs developed the technological infrastructure for the operation, including the MCAP token, smart contracts, and various platforms. The CBI is investigating the case under the Indian Penal Code and IT Act to trace misappropriated funds and identify other individuals involved.

India’s Central Bureau of Investigation (CBI) has arrested Ayush Varshney, co‐founder and Chief Technology Officer of Darwin Labs Private Limited, in connection with the alleged GainBitcoin cryptocurrency fraud, officials said on Wednesday. The alleged scam is now estimated to be worth at least ₹20,000 crore and is believed to involve around 29,000 mined bitcoins. Investors were reportedly enticed with promises of high returns from Bitcoin‐linked investments.

The CBI issued a Look Out Circular for Varshney after he went into hiding. On March 9, immigration officials at Mumbai’s airport stopped him when he was allegedly attempting to leave India, and he was formally arrested the next day.

Darwin Labs Built MCAP Token; CBI Probe Ongoing

According to the agency, Darwin Labs played a key role in creating the technological infrastructure for the GainBitcoin operation, including developing a cryptocurrency token called MCAP along with ERC-20 smart contracts and platforms used by the scheme. The operation, which was launched in 2015 under the façade of Variabletech Pte Ltd, also included a Bitcoin mining pool, payment gateway and investor portal, authorities said.

The CBI is investigating the case under multiple sections of the Indian Penal Code and the Information Technology Act. The probe aims to trace misappropriated funds and identify other individuals involved, with further developments expected as the investigation continues.

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TagsBitcoinBitcoin scamBTCCrypto ScamIndiaScam

Related Questions

QWho was arrested by the CBI in connection with the GainBitcoin scam?

AAyush Varshney, co-founder and Chief Technology Officer of Darwin Labs Private Limited.

QWhat is the estimated value of the GainBitcoin scam according to the article?

AThe scam is estimated to be worth at least ₹20,000 crore.

QWhat cryptocurrency token did Darwin Labs develop for the operation?

ADarwin Labs developed a cryptocurrency token called MCAP.

QWhere and when was Ayush Varshney apprehended?

AHe was stopped by immigration officials at Mumbai's airport on March 9 when he was allegedly attempting to leave India and was formally arrested the next day.

QUnder what legal frameworks is the CBI investigating this case?

AThe CBI is investigating the case under multiple sections of the Indian Penal Code and the Information Technology Act.

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