Indian Police Arrest Suspect in GainBitcoin Ponzi Scheme at Mumbai Airport

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

The investigation revealed that the scheme was operated by Variabletech Pte. Ltd., luring investors with promises of high returns on cryptocurrency investments. Law enforcement agencies allege that Darwin Labs developed and deployed key technical infrastructure for the scheme, including the MCAP crypto token and ERC-20 smart contracts.

Furthermore, Darwin also provided technical support for the GBMiners.com Bitcoin mining platform, the BitCoin Payment Gateway, the 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 in multiple states across India. It is estimated that the case involves approximately 1.9 billion rupees (about $2.1 million) in funds and 29,000 Bitcoins. At current prices, these Bitcoins are worth over $2 billion.