New Delhi: The CBI has intensified its investigation into the alleged GainBitcoin cryptocurrency scam with the arrest of a key individual linked to the scheme’s technology infrastructure.
The Central Bureau of Investigation arrested Ayush Varshney, who served as co-founder and CTO of Darwin Labs Private Limited. Authorities said the arrest relates to the ongoing probe into the GainBitcoin cryptocurrency fraud case. According to the agency, the case involves an alleged Ponzi scheme promoted by Variabletech Pte. Ltd., which encouraged investors to put money into a fraudulent cryptocurrency system promising high returns. Investigators believe funds collected from investors were subsequently misappropriated.
The investigation is being carried out under several provisions of Indian law, including Sections 120B, 406, and 420 of the Indian Penal Code, along with Section 66 of the Information Technology Act, 2000. The CBI is probing the case following directions issued by the Supreme Court of India on December 13, 2023. The court directed the agency to examine multiple FIRs across states relating to similar allegations connected with the GainBitcoin scheme through a unified investigation.
During the probe, investigators examined the operations of Darwin Labs Private Limited and the involvement of its founders. Along with Varshney, individuals including Sahil Bagla and Nikunj Jain were identified in relation to the development and deployment of technological components used in the scheme. Authorities stated that the company played a role in building and maintaining key infrastructure associated with the operation. This reportedly included a crypto token known as MCAP, related ERC-20 smart contracts, and several technological platforms linked to the investment ecosystem, including mining pools, payment gateways, online wallets, and the investor-facing website.
The CBI said Varshney had been absconding, leading authorities to issue a Look Out Circular against him. On March 9, 2026, immigration authorities intercepted him at Mumbai airport when he attempted to leave the country. He was subsequently handed over to the CBI and formally arrested on March 10, 2026, in accordance with legal procedures. The agency stated that the investigation into the GainBitcoin scam is ongoing.
The agency said it remains committed to conducting a thorough and impartial investigation into the alleged cryptocurrency fraud and to bringing those responsible to justice.
Disclaimer: This article is based solely on the information contained in the press release issued by the Central Bureau of Investigation dated March 11, 2026. No additional sources or independent reporting were used in preparing this article.
