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

• Ayush Varshney, co-founder of Darwin Labs, has been arrested by India’s CBI in the GainBitcoin multi-crore scam.
• Darwin Labs developed the MCAP crypto token, smart contracts, and platforms used in the fraudulent GainBitcoin operation.

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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