Mumbai: The Central Bureau of Investigation (CBI) has arrested accused Ayush Varshney, co-founder and chief technology officer (CTO) of Darwin Labs Private Limited, in connection with the alleged GainBitcoin cryptocurrency fraud case being investigated by the agency.
Ponzi Scheme Promised High Returns Before Misappropriating Funds
According to the CBI, the case pertains to the alleged GainBitcoin Ponzi scheme floated by Variabletech Pte. Ltd., wherein investors were induced to invest in a fraudulent cryptocurrency scheme on the promise of high returns. The funds collected from investors were subsequently misappropriated. The case is being investigated on charges of criminal conspiracy and cheating under various sections of the Indian Penal Code and Information Technology Act. The investigation is being conducted by the CBI pursuant to the order dated December 13, 2023 of the Supreme Court of India, whereby FIRs relating to similar allegations in the GainBitcoin fraud were directed to be investigated by the CBI as a common investigating agency.
"During the course of investigation, the role of Darwin Labs Private Limited and its co-founders, including accused Ayush Varshney, Sahil Baghla and Nikunj Jain (chief capital officer/founder in Vaomi AI), emerged in relation to the design, development and deployment of the crypto token known as MCAP and the corresponding ERC-20 smart contract. Darwin Labs Private Limited was instrumental in developing the entire technological infrastructure of the fraudulent scheme including Bitcoin mining pool platform GBMiners.com, BitCoin Payment Gateway, Coin Bank BitCoin wallet and the Gain BitCoin investor facing website," the agency said in a statement on Wednesday.
Accused Attempted to Flee Country Before Immigration Intercepted
"As the accused was absconding, a Look Out Circular (LOC) was issued against him. On Monday he was intercepted by immigration authorities at Mumbai while attempting to leave India and was subsequently handed over to the CBI. The accused was arrested by the CBI on Tuesday in accordance with law. The CBI remains committed to conducting a comprehensive and impartial investigation into the GainBitcoin scam and bringing the perpetrators to justice. Investigation in the case is continuing," said a CBI official.
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