Indian Police Arrest GainBitcoin Ponzi Scheme Suspect at Mumbai Airport

BlockBeats News, March 12th, the Central Bureau of Investigation (CBI) of India announced the arrest of Ayush Varshney, Co-founder and CTO of Darwin Labs, at Mumbai Airport, for his alleged involvement in the notorious GainBitcoin Ponzi scheme. Varshney was reportedly attempting to leave India at the time.

The investigation revealed that the scheme was operated by Variabletech Pte. Ltd., attracting investors with promises of high returns on crypto investments. Law enforcement agencies accused Darwin Labs of developing and deploying key technological 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, BitCoin Payment Gateway, CoinE Bank Bitcoin wallet, and GainBitcoin investment website, which were allegedly used to lure and defraud investors.

Media reports indicate that the scheme started in 2015 and operated in multiple states in India. The case is estimated to involve approximately 1.9 billion INR (about 2.1 million USD) in funds and 29,000 bitcoins. At current prices, the value of these bitcoins has exceeded 2 billion USD.